Full text of Commercial and Financial Chronicle : July 1, 1911, Vol. 93, No. 2401

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IN C L U D IN G
Bank & Quotation Section
Railway Earnings Section

Railway & Industrial Section
Bankers’ Convention Section

VOL. 93.

SATURDAY, JU LY 1 1911.

3£Iue Cltrvwiclje.

1911.

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CLEARING-HOUSE RETURNS.
The following table, made up b y telegraph, & c., indicates that the total
bank clearings of all clearing houses of the United States for week ending
July 1 have been $3,281,207,514, against $2,992,227,272 last week and
$3,004,290,720 the corresponding week last year.
Clearings—Returns by Telegraph.
Week ending Jidy 1.
New Y o r k ..............................................
Philadelphia .................. ............
Baltimore.......... ....................................

Per
Cent.

1911.

1910.

31,444,062,451
120,993,576
118,311,978
27,323,994
212,974,792

$1,082,160,577
130,206,084
135,723,090
28.744,368
235,219,701

— 14.2
—7.1
— 12.9
—5.0
—9.5

12)8 lo!448

12,319,166

+ 4.1
7

$2,760,962,095
897,328,634

— 10.4
— 10.0

New Orleans______

$1,991,296,418

+ 1.3
Total all cities, 5 days............ ..........
All cities, 1 day........................................

$2,478,919,846
802,347,698

Total all cities for week......................

S3,281.267.544 S3,064,290,729
— 10.5
The full details for the week covered by the above will be given next Sat­
urday. W e cannot furnish them to-d ay, clearings being made up by the
clearing bouses at noon on Saturday, and hence in the above the last d ay of
the week has to be In all cases estim ated, as w c go to press Friday night
W e present below detailed figures for the week ending with Saturday
noon, June 24, for four years.
Week crullng June 24.

Clearings at—
1911.

1910.

Inc. or
Dec.

1909.

1908.

S
$
S
%
•$
1,725,135,756 1,043,155,916
+ 5.0 1.939,345,711 1,164,260.274
147,263,033 141,472,996
+ 4.1 119,200,620 104,056,523
49,346,633
54,280,158
—9.1
47,047,363
36,896,196
32,812,496
26,560,353 + 23.5
26,534,885
19,606,770
10 220,589
8,850,034 + 15.5
8,878,925
0,9331584
6,416,005
7,010,235
—8.5
5,439,251
4,280,795
5,559,900
6,153,568
—9.7
6,766,573
5,224,570
+ 3.4
3,724,236
3,603,957
3,202,365
2,718,973
2,826,510
2,500,430 + 1.3.0
2,289,909
2,131,797
+ 8.0
2,093,393
2,261,640
1,764,756
1.716,177
1,898,353 —22.2
2,117,281
1,476,571
1,282,645
—8.6
1,466,544
1.528,134
1,672,030
1,354,629
1,425,000
1,432,306 —0.5
1,364,383
1,122,699
1,359,380
+ 6.7
1.361,393
1,274,845
1,275,861
1,354,060
1,219,612
+1.8
1,330,353
1,019,994
1,200,000
—4.2
1,252,064
1,164,659
1,041,560
655,000
+3.8
1,007,978
529,121
631,111
825,609
754,418
885,137
—6.8
740,240
775.764
652,538
797,139
—2.8
554,915
570,510
685.709 — 16.8
576,291
426,318
525,755
449,150 + 16.9
401,580
364,217
509,600
449,000 + 11.3
334,500
362,600
300,000
352,129 —14.8
262,207
270,000
960,000
1,000,000
—4.0

,

Total Middle.. 1,999,032,181 1.909,790,366
+ 4.7 2,173,253,843 1,358,182,458
184,455,662 138,008,419 +33.7 152,378,507 115,279,873
Boston .......... -.
7,095,800
6,924,300
Providence........
+ 2.5
5,795,100
5,363,400
4,741,124 — 11.5
4,194,917
Hartford.... .......
2,895,252
2,453,534
3,005,806
New Haven____
2,196,181
—3.0
2,394,578
1,953,061.
2,244,203
2,289,244
+ 2.0
Springfield..........
1,995,000
1,057,673
1,812,694
Portland_______
1,795,279
—0.9
1,615.636
1,500,127
2,144,494
+ 8.2
Worcester--------2,319,020
1,543,334
1,460,414
1,016,379 — 15.8
855,342
Fall River..........
989,160
913,749
928,271
—4.0
New Bedford___
891,876
949,646
501,367
+ 5.8
505,515
Holyoke..............
535,000
514,972
374,353
479,928
+ 7.6
Lowell................
516,588
414,412
424,697
Total New Eng.

207,864,909 161.811,133 +28.5 171,485,596 131,888,248
Note.—For Canadian clearings sec “ Commercial and Miscellaneous News.”




NO. 2401.
Week ending June 24.

Clearings at—

PUBLISHED WEEKLY.

New York--------Philadelphia___
Pittsburgh-------Baltimore..........
Buffalo_________
Washington ----Albany________
Rochester ___ _ Scranton _ ........
Syracuse _______
Trenton .......... .
Wheeling ..........
Reading ............
v Umington____
^ Ilk e s-B a rre__
■arrlsburg____
^reensburg____
Y o r k __________
E ric....................
Chester________
Altoona ..............
Binghamton___
Franklin______
Lancaster ..........

Electric Railway Section
State and City Section

1910.

I Inc. or
j Dec.

1909.
1908.
$
$
S
!
%
•$
Chicago..............
262,762,886 266,854,231
—
l
253,226,66
204,171,357
Cincinnati..........
23.409.60C
22,465,450
+4.1
24,825,25<
22.073,150
Cleveland_____
20,355,652
19,100,880
+ 6.0
15,429,84(
13,184,845
Detroit...............
19,932,467
16,490,397 ; + i4..c
13.205.37f
11,266,236
Milwaukee........
12,176,128
11.555,560
+ 5 .­
10.135.5L S
11,290,491
Indianapolis___
7,755,882
8,400,537 1 - t :
7,479,6U
7,446,155
5.470.80C
5,844,900
—6.4
5,540,900
5,070,200
Toledo________
4,751,856
4,533,208
+4.0
4,565,64(
3,363,990
P eoria_________
2,539,328
2,394,521
+ 6.1
2,335,77.
2,102,400
Grand Itaplds.. .
2,424,075
2,209,411
+ 9.3
2,150,101
1,789,475
D ayton________
2,255.034
2,270,897
—0.7
l,880,31f
1,428.313
Evansville ........
2,215,532
1,834,869 +20.8
1,670,914
1,413,961
Kalamazoo ___
671.285
662,203
+ 1.4
593,680
407,855
Fort W ayne___
1,053,071
856.992 +23.(
902,110
721,097
Springfield, III . .
1,083,187
1,038,540
+ 4.3
876,120
686,822
Youngstown___
1.161.743
1,093,010
+ 6.3
817,743
639,689
A k ron _________
1,590.000
1,100,000 + 44.5
735.000
600,000
Rockford ..........
807,025
803,790
—6.0
727,877
600,325
Lexington..........
935,508
621,939 + 50.5
664,754
464,745
Canton........ .......
1,072,458
1,258,727 — 14.8
636.436
390.000
South Bend........
535,296
535.992
—0.1
464.437
392,516
Decatur ............
445,402
—0.2
446,305
453,936 !
389,546
636,561
523,594 + 21.6
445.000
368.570
Springfield, O . ..
458,286
447.611
+ 2.4
425.458
302.571
Bloomington___
602,257
500,667 +20.3
398,978
404,718
Mansfield_______
433,701
390,091 + 11.2
357,583
283,122
Danville________
404,773
402.611
+ 0.5
286,531
329,769
Jackson ________
600,000
643,824
—6.8
340,600
309,448
Saginaw _______
543,359
575,866 —5.0
462.354
Jacksonville___
222,052
—3.0
228,897
210,357
194,320
L im a ____ _____
357,841
353,796
+ 1.1
259,890 I
260,000
139 744
142,395 — 1.9
150,599
104,543
Adrian ________
39.251
50,866 —22.8
25,681
16,70S
Lansing________
335,055
455,952 —26.5
Owensboro........
351,263
376,536
—6.7
Tot. Mid.West. 384,528,365 377,525,075
+ 6.9 352,687,048 292,524,943
San Francisco__
41,087,559
41,804,172
— 1.7
34,191,292
28,387,774
Los Angeles........
17,653,491
13,018,786 + 35.6
12,606,134
8,738,473
Seattle ________
9,385,760
11,241,985 — 16.5
10,104,136
8,160,296
Spokane........ .....
4,068,617
4,450,626
—8.6
3,224,716
2,842^955
Portland______
9,973,167
10,155,722
— 1.8
5,631,431
5,319,469
Tacom a..............
3,917,137
5,640,421 —30.6
5,679.480
3,421,535
SalttLake C ity..
6,460,898
6,122,458
+ 5.5
7,319,501
4,827,304
Oakland.... .........
2,878,370
2,487,171 + 15.7
1,536,168
1,193,456
Sacram ento___
1,441,813
1,079,412 +33.5
880,031
681,677
San Diego_____
1,365,000
1,050,000 + 30.0
843,000
700,000
Pasadena______
712,030
693,373
+ 2.7
Stockton_______
795,417
643,572 + 23.0
545,749
299,497
Fresno_________
625,000
606,124
+3.1
410,980
305,739
San Jose_______
458,382
444,609
+3.1
387,941
355,897
North Yakima . .
418,943
435,993
—3.9
317,704
255.917
Total Pacific.. 101,241,584
99,874,504
+ 1.4
83,684,313
65,550,049
47,397,418
Kansas C ity ___
46,004,310
+ 3.0
37,501,825
26,693.333
18,338,286
Minneapolis____
18,379,952
—0.2
16,445,541
14,577,174
Omaha................
14,082,843
15,313,889
—8.0
10,398,512
12,420,438
9,437,019
St. Paul___
12,336,085 —23.5
9,136,521
8,037,441
Denver...... .........
8,493,661
8,388,342
+ 1.2
9,122,615
7,400,000
6,254,852
St. Joseph..........
6,174,210
+1.3
4,966,122
5,345,773
.3,663,3 16
lies Molneg........
3,580,189
+ 2.3
3,138,113
2,554,971
2,349,000
Sioux City..........
3,086,845 —23.9
2,366,144
1,841,591
3,509,544
Duluth_________
3,857,500
—9.0
2,944,442
Wichita ..............
3,219,0? *
2,722,303 + 18.3
2,229,619
1,482,415
T op ek a .......... . _
1,585,291
1,265,392
1,307,351 + 21.3
898,308
Davenport_____
1,346,268
1,434,543
—6.1
1,120,713
964,98S
Lincoln ..............
1,408,498
1,302,121
+ 8.1
1.096,279
887,840
Cedar Rapids__
1,170,043
898,006 + 30.3
888,250
0.56,201
Colorado Springs
623,023
095,943 — 10.5
594,208
700,000
Fargo ............ ..
709,643
.832,126 — 14.8
746,787
348,442
Sioux Falls........
911,326
990,000 —7.9
545,000
360.S03
Pueblo ..............
637,065
007,775
+ 4.8
495,408
394,995
Frem ont___ . .
285,593
285,964
—0.3
303,461
203,287
Waterloo ______
943,029
993,247
—5.1
Helena .......... .
944,922
778,548 +21.4
736,870
991,019
Aberdeen
425,000
500,000 — 15.0
Hastings ............
100,712
125)000 — 19.4
Billings..............
113,518
182,227 —37.7
152,190
142,054
Tot. oth.West.
1 7,948,641 131,776,488
—2.9 108,692,040
84,567,777
St. Louis...........
66,789,671
65,260,714
+2.3
57,839,938
51,227.419
New Orleans___
17,595,795
15,297,864 + 15.0
15,826,090
12,870.977
Louisville........ 13,709,548
11,301,139 +21.3
9,934,688
10,040,788
Houston
___ _
10,753,592
10,791,132
11,480,277
—0.3
8,289,813
Galveston..........
6,603,500
6,248,500
+ 5.7
.5,475,500
5,500,000
Richmond ____
7,193,474
6,474,846 + 11.1
5,712,060
5,113,736
Atlanta . ..........
9,030,716
7,705,402 + 17.2
5,636,950
3,057,949
Fort Worth........
4.680,778
5,863,525 —20.2
5,096,807
4,143,368
5,239,496
Memphis.......... 4,371,792 + 19.9
3,487,685
3.434.8S0
3,206,308
Savannah ..........
3,368,509
—4.8
2,476,846
2,937,128
3,940,000
Nashville _____
4.0S2.331
—3.5
3,484,070
2,683,066
2,849,944
N orfolk_______
1,772,176
2,649,469
2,389,544i
+ 7.6
2,009.017
Birmingham___
2,389,880 — 15.9
1,852,088
1,489,696
2,641,532
Jacksonville___
1,554,044!
2,199,309 +20.1
1,175,812
1,373,830
Augusta-----------1,343,232
1,323,712
+ 3.8
1,000,223
K noxville----- .
1,407,371
1,545,060 —9.0
1,498,7251
1,168,911
1,858,348
C hattanooga__
+ 4.9
1,771,811
1,287,281
1,068,984
Little R o ck ____
1,438,468
+ 7.6
1,337,270
1,226,356
1,043,009
Mobile ................
1,232,918
+ 0.6
1,224,971
1,109,429
1,039,953
Oklahoma........ .
1,663,955
2,218,073 —25.0
723,523
1,470,000
Charleston_____
1.504,348
1,183,214 +27.1
992,884
1,009,085
M acon_________
2,391,571
645,000 +270.8:
482,580
500,128
Austin . -----------1,170,648
2,082,635 —43.0
354,726
505,081
Wilmington,N.C.
554,387
437,430 + 20.7
236,000
350,000
Vicksburg..........
198,339
189,556
+ 4.6
227,880
177,783
Jackson -----------354,108
700,000 — 49.4
280,000
220,000
200,000
157,122
Muskogee..........
689,910 Not Included n total
Total Southern 171,611,692 163,552,289
+ 4.9 142,479,699' 122.456,166
Total all.......... 2,992,227.27212.844,329,855
+ 5.2 3,032,282.539, Lv1055.169,641
OutsideN. Y _. 1,267,091,51611,201,173,939
+ 573 1,092,936,8281 890,909.367

2

THE CHRONICLE

[V O L . L X X X X I1I .

which constitutes Chapter 200 of the laws of 1911,
CHRONICLE INDEX.
in our issue of June 17, page 1607, and also indicated
The index to Volume 92 of the “ Chronicle"—which (by putting the new parts in italics) how the amended
volume ended with the issue of June 24— is sent to law differs from the old law. No change was made in
our subscribers with the number for to-day, Saturday, the percentages of reserve to deposits required of the
July 1.
different banking institutions in the State, but some
quite radical departures appear in the methods laid
THE FINANCIAL SITUATION.
down for arriving at the amounts of the deposits on
Surely our legislators at Albany are showing more which these percentages must be based. Originally
zeal than wisdom when they undertake to tinker with it was provided that the aggregate of deposits on which
the laws of this State in a way to weaken the the reserves must be computed should be exclusive
cash reserve requirements of our banking institutions (1) of time deposits not payable within 30 days
(trust companies as well as State banks), and when represented by certificates showing the amount of the
they propose to cripple the New York Clearing House deposit, the date of issue and the date when due; and
in its effort to maintain sound principles of banking also exclusive (2) of deposits which are secured by
by insistence on a standard of reserves such as experi­ outstanding unmatured bonds issued by the State of
ence has shown to be demanded. We use the term New York. This latter exemption has now been
“ zeal" advisedly, for we believe that in the legislation extended so as to provide for the exclusion of de­
already enacted, and in the further legislation pro­ posits which are secured by outstanding unmatured
posed, our lawmakers are actuated by a desire to pro­ bonds or other obligations issued by the State of New
nds, cor­
mote the interests of the municipalities of the State. York, or secured by outstanding unmatured bo/
It is easy to see that the underlying purpose is to porate stock, revenue bonds, assessment bonds or other
stimulate the demand for municipal bonds, a function obligations issued by the City of New York.
The words in italics constitute the new parts, and
which the legislator may well be pardoned for exer­
cising. We have no hesitation in saying, either, that it is evident enough that the purpose is to place the
it is a mistake to abuse our representatives at Albany bonds of this city in a more favored position than
for harboring such a purpose and to heap opprobrium heretofore. If that were the only chango in the law,
upon them, as if they were engaged in some disrepu­ it would doubtless not have aroused much criticism.
table proceedings. Our municipalities are constant But in addition the amended law provides that the
borrowers in the money markets, and if within proper total of the deposits shall be exclusive also of an en­
bounds the legislator can do anything calculated to tirely new line of items—that is, “ exclusive also of an
widen the market for such securities, or to improve amount equal to the market value, but not exceeding
their price, it is obviously his duty to proceed reso­ the par value, of any such bonds or other obligations
lutely to the performance of the task. The purpose of the State of New York or of the City of New York
owned and held by such bank or individual banker,
itself therefore is a legitimate and a laudable one.
But, clearly, when the effect of action having such a or held by a public department, a public officer or
good purpose in view is to impair the impregnability officers of this State, or of any other State, or of the
and financial standing of the city’s banking institu­ United States, in trust for such bank or individual
tions, the legislator, however pure his motives, is not banker."
From the language quoted it is evident that it would
acting within the limits of sound discretion. It seems
to us, too, that in such a case he should not be dog­ not be correct to say that this amendment provides for
matic in the assertion of his powers, but should yield the dilution of reserves. State and municipal bonds
to the judgment of our bankers—men who by training cannot, under the change, be substituted for actual
and experience are especially qualified for reaching cash. What the amended law does provide is that the
correct conclusions on matters within their distinctive deposits (on which the reserve is to bo figured) 7nay
domain. The men at the head of our Clearing House be reduced in an amount not exceeding the par value
are our financial doctors to whom every one should of State and municipal bonds held. The effect is to
defer with the same readiness that we accept the ad­ diminish the cash reserve required, not to dilute it.
vice of our medical practitioners when suffering from In that form, however, the amendment is only slightly
bodily ailments. It would be folly for the layman to less objectionable than it would have been if in the
endeavor to set up his mere opinion as superior to the other form. For as an inducement to invest in State
judgment of such trained observers and diagnosticians. and municipal obligations, the legislator has, as will be
We think our legislators at Albany should recognize the seen, inserted a proviso that in computing the reserve
fact. Obviously the financial community would have required to be maintained, deposits may be reduced to
nothing to gain by needlessly antagonizing the political the full extent of the holdings of such securities. Thus,
authorities. When, therefore, those directing the affairs if a bank, or a trust company either (for the same
of our banks and trust companies take such a firm change appears in the section of the law dealing vvtwi
stand as on the present occasion in defense of the trust companies), holds $10,000,000 of such securities,
principle of adequate cash reserve, it is certain that the amount of the reserve required against the deposits
the course is dictated solely by the conviction that would be reduced $2,500,000 in the case of banks in
such action is absolutely necessary in the interest and this city (25% reserve being required) and $1,500,000
in the case of the trust companies which are compelled
welfare of the whole community.
The present controversy arises out of an amendment by law to maintain a reserve of 15% in this
to the banking law made at the close of May by the borough.
From this illustration it is clear that the inevitable
Legislature now in session. This changes the reserve re­
quirements of State banks and trust companies in effect must be to cut down the extent of the reserves,
some important respects. We published the new Act, provided the banks avail of the permission granted,




July
and provided, also, that Clearing-House regulations
Is political New York, then, to be the only back­
should be modified accordingly. But the Clearing slider? It is inconceivable that our Albany legislators,
House wisely declines to alter its regulations in that after the matter has been properly presented to them,
particular. When the trust companies were admitted will deliberately engage in a scheme to throw away
to membership in the Clearing House, the new law all that has been gained in over three years of hard
had not yet been put upon the statute book. Admis­ toil. We ask them, in any event, to take counsel of
sion, hence, was under the terms of the old law, and their better judgment, and do nothing to imperil sound
on June 12th (the new act became a law May 31) the banking conditions at a time when the leaders in the
Clearing-House Committee made a ruling to the effect political and financial world alike are endeavoring to
that the reserve of State banks and trust companies fortify the banking situation against future ill happen­
must be based on the legal net deposits as provided ings.
by the law in force on May 9, when provision was
made for the entry of the trust companies. It is this
The new “ Olympic” of the White Star line started
action, eminently wise and judicious in itself, that has for her first return trip on Wednesday, after exciting
moved Senator Grady to wrath. He first directed here the special interest that attaches to whatever
an investigation, and a report at very short notice, from piece of construction is the biggest yet reached in the
the State Superintendent of Banks. Mr. Van Tuyl’s world. The sight of her huge bulk projecting out
observations in his letter of this week were not as into the Hudson past the pier inevitably recalled to
cautious and judicious as they might have been, and, mind the still unsettled problem of the piers, and the
moreover, contained some reflections upon the Clearing presence of the head of the steamship company em­
House. Accordingly, Senator Grady has returned to phasizes that problem a little further. It was natural
the fray and introduced a bill which would make it for him to come over (although not now for the first
illegal for any State bank or trust company to become time) to observe the ship’s performance and study the
a member of any voluntary corporation or association interesting subject of New York as a world’s port.
where the conditions of membership required that it In pursuance of that study, he made a flying trip to
should conform its management and business to any Montauk Point, in company with high officials of the
requirements not specified in the new law.
Long Island and the Pennsylvania roads. Inci­
It is too plain for argument that the matters at issue dentally, they discovered how greatly the road through
are so momentous that they should not be discussed the Island has become modernized, for they made the
or settled in the heat of passion. The Legislature run from end to end in a few minutes less than two
should proceed soberly and calmly. Most of our hours.
legislators are, after all, sensible as well as patriotic
We can readily suppose that the object was “ to
persons, and we feel certain that, on reflection, it study the harbor at Montauk as a possible terminus
will become readily apparent to them and to Senator for trans-Atlantic liners,” as stated in the quite obscure
Grady himself that such a palpable assault upon newspaper item. This can be supposed without at­
banking conditions as is involved in the contemplated taching large present importance to it. If the physi­
action would be decidedly ill-advised. We think the cally possible shortening of the trans-marine passage
course taken yesterday at a meeting of the officers and the appeal to persons who have good reasons for
of State banks and trust companies in -appointing a disliking the trip were the whole of the case, we might
committee to go to Albany and argue the matter with assume it virtually decided and the old dream of
our legislators is a most commendable move and Austin Corbin, before the dawn of the era of electric
cannot fail to have a good effect.
propulsion, about to come true; but the personal
The panic of 1907 taught certain lessons which have preference of some travelers is only one factor. The
been taken to heart by all those who participated in future must be forecasted, more or less, and the prob­
or noted the memorable events of that occasion. lems of port accommodations and advantages must be
Every one high in authority has since then devoted studied; this is a necessary part of business policy.
himself to preventing a repetition of such occurrences. Norfolk has been enlarging upon her admittedly fine
The State Legislature almost immediately thereafter harbor, and Boston not long ago heard some flattering
changed the law so as to make it compulsory upon the discourse on her possible future as a port; and now
trust companies to hold certain designated cash Baltimore has a flutter of pleasant anticipation be­
reserves. ‘ Congress, in turn, passed the Aldrich- cause one of the German lines is to try the experiment
Vreeland Law, providing for emergency issues and of sending out a modern steamship from her shores.
also for the establishment of the National Monetary Such current events may be taken by New York as a
Commission. This Commission has ever since been reminder that business is not permanently governed
engaged in a campaign of education, and from all parts by sentiment, although much influenced by it, and
of the country there is coming a chorus of approval of that this city has very serious problems which must
Senator Aldrich's outline of a plan for banking and not be subordinated to subways and cannot be turned
currency reform. Only last week President Taft, in over to handling by private capital.
an address before the New York State Bankers’ Asso­
Here it is pertinent to note a fact which the habit
ciation, declared this question the most important one of daily speech has almost made people forget, namely
pressing for consideration, far transcending every other that the port and city of New York include more than
public question. The entry of the trust companies into Manhattan Island. Brooklyn has a great water-front
the Clearing House under the rigid rules of that which is beginning to assume some of its rightful im­
organization is in itself the best of evidence of the portance; and as to the problem of piers, Mayor Gaynor
strong desire which exists to safeguard the situation remarked, only ten days ago, that in South Brooklyn
so as to prevent any possibility of a return to the are two city-owned piers and seven privately owned
unfortunate conditions which developed in 1907.
which are long enough to take the “ Olympic.” As to



4

THE CHRONICLE

the bugbear of inconvenience, he said that if the new
leviathan had landed her passengers at one of those
piers on that morning they would have been as near
the centre of the city as passengers are when they
step ashore in any large European port. They could
reach the hotel section in a half hour, and ere long
they will be able to reach a subway by going a few
blocks. The notion that everything which one may
want to reach must be within walking distance of
great passenger terminals must, he said, be given up
as too narrow.
Cotton, according to our most recent telegraphic
advices, has improved in condition quite generally
during the month, and there is a strong disposition
to expect that the improvement will find no uncertain
reflection in the official report of the Department
of Agriculture, which is to be issued on Monday next
at noon, and will cover the status of the crop on
June 25. It will be remembered, of course, that the
condition of the plant on May 25 was officially stated
by the Department as87.8, which compared with only
82 on the same date in 1910 and a ten-year average
of 80.9. Speaking generally of the situation since that
time and down to June 25, the date to which the
Government report will be brought, it is to be said
that from time to time in early June there were com­
plaints of lack of moisture; but that around and after
the middle of the month beneficial rains fell in most
sections, resulting in much improvement in condition.
Temperature, moreover, has all along been satisfactory.
As a result of the recent favoring weather conditions
there is hardly a State that does not now report a
better outlook than a month ago, the improvement
bei"" especially marked ip Atlantic and Gulf sections,
Furthermore, as compared with June 25 a year ago,
when the average condition stood at 80.7 a drop of
1.3 points from May 25— practically every State holds
out a much better promise, according to our informa­
tion, the Atlantic States, where the greatest deteriora­
tion occurred in the month last year, standing out
conspicuously. Assuming that the condition of the
crop June 25 will be at least moderately higher than on
May 25, when it was 87.8, the situation in 1911 will be
proven to have been better than in any year since 1898,
when condition on July 1 was reported as 91.2, and the
final average yield per acre was nearly half a bale, or
the greatest on record. Of course future weather may
still mar the present brilliant promise.
The only financial centre where the monetary con­
ditions are of unusual interest at the close of the half­
year is Berlin. The German banks have fallen into
the habit of depending to a very large extent upon the
Reichsbank for temporary assistance at the end of each
quarter, not to say the end of each month, with the
consequence that the central institution has been fre­
quently obliged to expand its note circulation unduly.
In order to modify the strain, the Governors of the
Imperial Bank recently adopted a new rule, stipulating
that those who call for facilities must pay 1-10 of 1%
additional in the last three days of each quarter. It
will be interesting to watch what effect the arrange­
ment will have upon the Berlin banks. By way
of precaution, there has been some borrowing at
other cities, New York included. In Berlin money
has ranged at 3@ 3>£% , while the discount rate moved



[V O L . L X X X X I11.

up to 3 % % on Thursday, though yesterday there was
a decline to 3K % - Elsewhere abroad low rates pre­
vail. London has been called upon to absorb an ab­
normal quantity of new securities during recent months,
and this week the demands for facilities at the Stock
Exchange settlement had to be met on the eve of the
accumulation of funds for the half-yearly disburse­
ments; yet the private discount rate there has not risen
above 2 5-16%. The contango rate on American stocks
was as high as 4 lA % , and call money went above 3%
since then, but though the Bank of England on Thurs­
day reported an increase of more than 835,000,000 in
loans, and a consequent fall in its reserve from 5 2 ^ %
to 46M % > the half-yearly period is being tided over
without the slightest uneasiness. In France the
2 % % discount rate has not been swerved from during
the week, expansion in the liabilities and a decrease in
the cash reserves of the Bank of France having had
no effect upon the money market. In New York the
money market has afforded not the faintest clue that
one of the most important points of the year is at hand.
In other words, interest rates have not advanced nor
has there been any noticeable broadening of the in­
quiry for accommodation. It will thus be seen that
the second half of 1911 opens under very favorable
monetary conditions throughout the world,
,,
The movement towards international peace cannot
fail to be accelerated by the commingling in London
of influential representatives of the ruling classes of
every civilized country. Indeed, the verdict of his­
tory may be that the greatest fruit of the elaborate
ceremonies surrounding the coronation of King George
the Fifth was the occasion it afforded for friendly meet­
ings of princes, statesmen and others who found that,
after all, the human species had much in common,
whether located in the East or West, North of South,
and that the dream of universal peace might, by the
immolation of prejudices and undue selfishness, be one
day transformed into a reality. One of the happiest
of all the gatherings in the British capital was, very
fittingly, held in honor of the Special Ambassador of
the nation with whom Great Britain is seeking to take
the lead in forming an arbitration alliance. At this
function, the welcome announcement was made that,
as the result of a conference between Ambassador
Bryce and Secretary of State Knox, a treaty had been
practically arranged tor the settlement by arbitration
of all differences that might from time to time arise
between the two countries. The host was the Pil­
grims’ Society, a body influential both in London and
New York, and among the speakers were ex-Premier
Arthur J. Balfour, Augustine Birrell, Chief Secretary
for Ireland, and our Special Ambassador, John Hays
Hammond. Mr. Balfour, who has not hesitated to
cordially support the Asquith Ministry in its efforts
to bind together the two great English-speaking na­
tions, declared that, though there had been temporary
quarrels between them, the realities of history were
too strong for them— they could not help being in sym­
pathy with each other. Both were enamored of
liberty; both had the same ideals, and surely it was
predestined that they should work together, not
merely by formal alliance, but by deep sympathy in
aims and ideals, for the cause of civilization and pro­
gress. Both nations were democracies, and democracy
was not a machine to run by itself, but one of the most

July 1 1911.]

THE CHRONICLE

difficult forms of government to work the world had
ever seen, requiring ardent, self-sacrificing patriotism
on the part of the very best men of the community to
ensure that the will of the people was guided along
the lines of true progress.
Mr. Hammond emphasized the growing objection of
the great producing classes to war. Those “ who had
built up the industries of the nations and were its
bone and sinew,” he declared, were in favor of universal
peace. An official statement concerning the favora­
ble progress of the treaty negotiations should shortly
be forthcoming. The peace sentiment on both sides
of the Atlantic shows no sign of abatement, and every
confidence is felt that something tangible will be
achieved, first between Britain and the United States
and later between other powerful nations.
Another French Cabinet has fallen. The rapidity
of the changes in the republic lends point to this
week's statement by the ex-Premier of Great Britain,
Arthur J. Balfour, that the democratic form of govern­
ment is one of the most difficult to work that the world
has ever seen. In France political freedom is exer­
cised not only without trammel, but with such ab­
sence of co-operation and cohesion that no single
party can dominate without the support of at least one
other. Cabinets owe the tenure of their office to
politicians not necessarily seeing eye to eye with the
Premier— as is the case also in Britain at present;
hence, when differences break out, the party of whom
the Premier is a member cannot always guarantee
him a vote of confidence. The downfall of the Monis
Ministry was most unexpected; the pretext was dissat­
isfaction over the provision made— or lack of pro­
vision—for commanding the French army; but the
real trouble had its root in the electoral reforms, over
which the various parties cannot permanently agree.
M. Monis is still confined to bed as a consequence of
the recent deplorable aviation accident, and his ab­
sence from the Chamber facilitated the rupture. The
Premier recommended his Minister of Finance, Joseph
Caillaux, as a suitable person to entrust with the for­
mation of a new Cabinet, and President Fallieres
acted on this suggestion. The personnel of the new
Ministry is as follows: M. Caillaux, Premier and
Minister of the Interior; Jean Cruppi, Minister of Jus­
tice; Justin G. de Selves, Minister of Foreign Affairs;
L. L. Klotz, Minister of Finance; Adolphe Messiiny,
Minister of War; Theophile Delcasse, Minister of Ma­
rine; Jules Steeg, Minister of Public Instruction;
M. Augagneur, Minister of Public Works; M. Couyba,
Minister of Commerce; Jules Pam, Minister of Agri­
culture; M. Lebrun, Minister of Colonies, and Rene
Renoult, Minister of Labor. This is a compromise
body, and it is suggested that its existence is liable
to be terminated with equal suddenness should the
proposals brought forward to amend the present eleclectoral system incur displeasure. The retention of
M. Delcasse is not calculated to assuage the bitterness
of Germany over the course France has taken in
Morocco, where matters have lately been complicated
by aggressive action on the part of Spain.

5

whole subject of Russia's attitude towards American
citizens of Jewish origin is engaging the attention of
the Senate Foreign Relations Committee. For some
time reports were coming to hand of fresh expulsions
of Jews by the Czar's Government; but the incident
which evoked the protest referred to occurred only
the other day, when the Governor of Tobolsk issued
an order prohibiting Jewish buyers from attending
the important fur fair at Tyumen. The American
Embassy at St. Petersburg took the matter up with
the Russian authorities, with the result that the order
was “ temporarily suspended.'' Premier Stolypin held
that the Governor had acted within the law, but ex­
plained that the statute was practically a dead letter.
I he presence in this country of a band of missionaries
who had trying experiences in Russia has drawn
attention to the severity of the present regime against
the Jews. The treatment accorded American citizens
of that religious faith has often been humiliating alike
to the race and to our Government, which has endeav­
ored to prevail upon the Russian Administration to act
fairly towards all American citizens irrespective of
their ancestry. Chairman Cullom of the Senate
Foreign Relations Committee on Thursday stated that
conferences are now being held between the committee
and the Secretary of State on the exclusion of JewisliAmerican citizens, and developments of importance
may follow. The present status is obviously un­
tenable.

A serious recrudescence of the trouble with seamen
and dock laborers has followed the announcement from
Southampton a week ago that the strike “ was finally
ended to-day, when the employees of the White Star
Line accepted the terms of the company and returned
to work; the other lines have already compromised
with the strikers.” It quickly became manifest that,
while the transportation companies had been able to
satisfy the seamen, the laborers on shore were dissatis­
fied over the action of the sailors in returning to work
before the grievances of the dock men had been re­
moved. On Monday the union workers on the docks
at Liverpool obeyed an order to strike against the
forty-six' firms in the Shipping Federation. At Hull,
on the Clyde, and at other ports the union men would
not handle goods from the Federation ships. By
Thursday the disorganization of traffic had become so
serious that the companies began to give way. The
Cunard Steamship Line on that day agreed to recog­
nize all the unions, including that of the dockers. The
Canadian Pacific Railway and the Allan Line took
similar action. At Hull very serious rioting occurred
on Thursday night, and a large force of London police
were despatched to the scene. Yesterday the worst
incident of the whole strike took place; there were
three separate outbreaks of fire on the White Star
Liner “ Arabic,” lying at Liverpool, scheduled to sail
for New York to-day. The company yesterday locked
out all the men employed upon the Liverpool steam­
ships with the exception of the officers and engineers.
The dock workers have become more arrogant, and
the shipping Federation threatens to lay up half the
shipping tonnage in the country. The position last
The Russian Government is again engaged in a evening was very unsettled, and owing to the various
crusade against the Jews within its borders, and so unions which have to be dealt with, the companies ap­
severe have certain of the measures been that the parently do not know how the matter will end.
United States has felt compelled to protest, while the




6

THE CHRONICLE

The discount quotations in London at the close yes­
terday were 234% for sixty days and 234% for ninety
days’ bills to arrive, with spot bills done at 2 5-16%.
Paris remains on a 2*4% basis, notwithstanding the
larger demands for facilities there. Berlin quoted
334% early in the week but moved up on Wednesday
to 324% and on Thursday to 324% for spot bills,
though yesterday there was a relapse to 334%; bid8 to
arrive are quoted all the way from 3 to 334%, there
being much confusion of ideas among bankers as to
how the new regulations governing month-end borrow­
ings will work out. At Amsterdam only 224% is
charged, a slight decline from last week, while Brussels
names a 234% rate. No changes occurred in any
foreign bank rates during the week.
The Bank of England’s weekly statement showed an
increase of no less than £7,173,243 in loans and of
£6,166,153 in ordinary deposits, while Government
deposits rose £1,035,833. There was a gain in bullion
of £562,604 for the week, raising the total to £40,437,­
768, but circulation expanded sufficiently to bring
down the net addition to the reserve to £136,209. The
result was a fall in the ratio of reserve to liabilities
from 52.49% last week to 46.72% this week. As last
week’s statement was not issued until Saturday, and
therefore too late for reproduction in our last issue,
it might be well to record that the return then showed
an increase in bullion of £388,713, an addition of
£150,850 to loans, a loss of £555,784 in ordinary deposits
but an increase of £938,323 in public deposits. Total
reserve improved £122,570, the ratio being 52.49%,
against 52.62% in the preceding week. For the Bank
week covered by the statement issued on Thursday,
our special correspondent advises us that the move­
ments in and out of the Bank were as follows: Imports,
£403,000 (of which £380,000 from Egypt, £10,000 from
Peru and £13,000 from miscellaneous sources); ex­
ports, nil, and receipts of £160,000 net from the interior
of Great Britain.
The most remarkable feature of the New York money
market during this, the final, week of the half-year has
been the entire absence of features, borrowing and
lending having been carried on as uneventfully and
with as little fluctuation in terms as in any week since
Jan. 1. This peculiar state of affairs is no enigma.
Indeed, the contributory causes are so well known that
they need not be enlarged upon. The extreme quiet­
ness in stock market speculation, the hand-to-mouth
policy of most mercantile firms, the readjustment in
land and merchandise values, the paucity of new
enterprises by capitalists, the extensive inflow of cur­
rency from interior points, the piling up of enormous
credits abroad through sales of securities, and our
export balance of fully 8500,000,000, the cautious
attitude of financial institutions— all these have com­
bined to keep down the value of money in New York.
Even so, a maximum call money rate of 234% and a
charge of only 324% for over-the-year accommodation
are notable for June 30. How long the present low
rates will continue is a problem regarding which bank­
ers hold differing views. Certain influential down­
town institutions contend that the large sums called for
by the Panama loan, the new Empire State issue and
the impending corporate flotations, combined with the
revival already discernible in the steel and other
trades, should enhance the worth of funds before the




[V o l . L x x x x m .

end of July, and that the adjournment of Congress may
stimulate speculation, investment and mercantile
activities. In view, however, of the current week’s
lackadaisical money market, as well as the favorable
position New York occupies in relation to European
centres, borrowers may well be pardoned for remaining
undisturbed over any predicted firmness.
The offerings of high-grade commercial paper have
diminished to such an extent that demands have not
all been satisfied. In order to secure the best names
possible, a few institutions have agreed to a return
of only 334% on endorsed bills receivable and occasion­
ally on single-name bills running four months. The
most common charge, however, has been 324%, with
a number of important buyers refusing to accept any­
thing at less than 4% . The scarcity of prime bills has
not driven banks or trust companies to view with favor
paper not customarily handled by them. The detailed
range of quotations is 334@ 4% lor sixty to ninety
days’ endorsed bills receivable, 324@ 4% for choice
four to six months’ single-name bills and 434% and
upwards for less widely known varieties. The week’s
fluctuations in call money can be very briefly sum­
marized. On the first four days of the week the
maximum was 234% , the ruling rate 224%, with the
minimum 234% up to Thursday, when no loans were
made under 224%. Yesterday the range was 234%
to 234% , with most of the business done at 234% Time money for .short maturities has been neglected,
and even for the longer dates the demands have been
quite light. Quotations range 234 @224% f° r sixty
days, 224 @ 3 % for ninety days and four months,
3@ 334% for five months, 334 @334% for six months
and 334@324% f° r over-the-year.
As was to have been expected, foreign exchange
has advanced. A high level of 4 8624 for cable trans­
fers and 4 8635 for demand was reached on Wednes­
day, though since then business has been done on a
considerably lower basis. The rise was not due solely
to the legitimate requirements in connection with the
half-yearly dividend and interest payments, but was
helped by the covering operations of an extensive
short interest. It had been figured by certain manipu­
lators some time ago that Europe’s purchases of our
securities were so heavy that sterling would remain
near the gold-import point over the turn of the half­
year, and that therefore futures could be sold with
every prospect of profit. But of late Europeans have
ceased subscribing to new American issues, and the
amount owed foreign holders of our bonds, notes and
stock is larger on this occasion than ever before. The
very low interest rates ruling here have not encouraged
the drawing of security bills by international under­
writers, while the supply of commercial bills has been
only moderate. A minor but interesting incident
of the last few days has been a rise in cables on Berlin
to 95 5-16. It is stated that the new regulations im­
posed by the Imperial Bank of Germany have checked
the custom of drawing by cable and remitting by
mail. The easiness of money in Paris has militated
against a corresponding rise in French exchange. The
advance in sterling was aided by the higher rates
charged for carrying over stocks at the fortnightly
settlement in London. Moreover, competition has
developed for the new South African gold, and the
borrowings at the Bank of England have been abnor-

July 11911.1

THE CHRONICLE

mally heavy. The week’s trading, in contrast with
recent dulness, has been notably animated. Nor is it IH E DECISION REGARDING UNION PACIFIC’S
at all certain that dulness will immediately follow
CONTROL OF THE SOUTHERN PACIFIC.
July 1. A spirited market is looked for during the .
decision announced last Saturday in the case
next fortnight, although thereafter a relapse to the in which the United States Government sought to
easy quotations current during the early part of June have Union Pacific’s control of the Southern Pacific
is probable. How soon the apparently inevitable declared a violation of the Anti-Trust Law of 1890 has
importations of gold will start depends chiefly upon
several important aspects. On the one side, it is note­
international transactions in securities, though of worthy because of the signal defeat sustained by the
course the state of the money market here, in London
Government as to all of its several contentions, this
and on the Continent will have a potent influence being the first leading case where an action of this
upon exchange.
kind has resulted adversely to the prosecuting officials.
Compared with Friday of last week, sterling ex­ On the other side, the outcome is significant because
change on Saturday was weaker, with demand quoted it constitutes so plainly a vindication of Mr. Edward
at 4 8590@4 8595 and cable transfers at 4 8620(5) H. Harriman, who was so violently assailed during
4 8625; 60 days was unchanged at 4 8390@4 84. On his lifetime by those high in authority. It is a tri­
Monday there was an advance, due mainly to prepa­ umphant victory for the broad and liberal policy
rations for the July 1 disbursements and firmer dis­ which lie pursued in building up the wonderful system
counts in London, to 4 86@4 8605 for demand and of roads with which his name has become linked.
4 8630(5)4 8635 for cable transfers. On Tuesday the With the acts and transactions all pointing so clearly
market, after an easy opening, became firmer, then in the direction of promoting inter-State trade, in­
reacted before the close; quotations finished, however stead of acting to restrain it, it would have beensurappreciably above the previous day’s level, with de­ prising indeed if a court of law, acting in a strict sense
mand at 4 8605@4 8610, oable transfers at 4 8630(5) of justice, should have found evil intent and evil pur­
4 8640 and 60 days at 4 8405(5)4 8515. Sterling ad­ pose in them. Finally, the conclusion of the Court
vanced sharply on Wednesday on higher discount in this instance, and the opinion written in support
rates in London and the demands incidental to the of the same, serves indirectly to throw further light
fortnightly Stock Exchange settlement; the final range upon the 1890 Anti-1 rust Law. Each successive re­
was at the highest for the day, 4 8620(5)4 8630 for de­ cent decision interpreting that statute has done much
mand, 4 8665 © 4 8675 for cable transfers and 4 8410(5) to define its scope and meaning.
4 8420 for 60 days. On Thursday, after opening firm,
It is not strange that the Court failed to find any
the tone weakened, demand declining to 4 8615(5) merit in the Government’s contentions. The action
4 8625 and cable transfers to 4 8655@4 8665; 60 days was begun after the inter-State Commerce Commission
was still quoted at 4 8410(5)4 8420. On Friday the had made a sensational investigation of the so-called
declining tendency continued throughout, and the Hailiman roads, and that investigation paved the way
market closed at 4 8410(5)4 8420 for 60 days, 4 8605@ foi the Government’s suit seeking to have the Union
4 8610 for demand and 4 8645@4 8650 for cables. Pacific combination declared a violation of the 1890
Commercial on banks was quoted at 4 83% @ 4 83% law. We do not know the precise part phayed by the
and documents for payment 4 83% @ 4 84. Cotton for Commerce Commission in the subsequent conduct of
payment ranged from 4 83%(5)4 8 3 % ; grain for pay­ the proceedings, but obviously the assistance of the
ment from 4 8 3 % @ 4 84.
Commission was necessary as regards many essential
points.
Ihe outcome of the suit is only one more
ihe following gives the week’s movement of money
illustration going to show that the Commission is a
to and from the interior by the New York banks
mighty poor reed to lean upon. To the lay mind,
Received by
Shipped by
Net
Interior
there has always seemed something grotesque about
Week ending June 30 1911.
N. Y. Hanks. V . Y. Hanks.
Movement.
the
notion that a union of the Southern Pacific with
Currency................ .
.
$14,975,000
$4,671,000 Gain $10,304,000
Gold .............. .....................
2,647,000
972,000 Gain
1,675,000 the Union Pacific could by any subtlety of reasoning
Total gold and legal tenders______ $17,622,000
$5,643,000 Gain S ll ,977.000 be twisted so as to imply conflict with a law whose
VVith the Sub-Treasury operations the result is as purpose it is to prevent monopolies or attempts at
follows.
monopoly. The Southern Pacific embraces within it­
self the Central Pacific, which latter is simply an ex­
Into
Out of
N et Change in
Week ending June 30 1911.
Hanks.
Hanks.
tension of the Union Pacific itself, carrying it to the
Hank Holdings.
Banks’ Interior movement as above.
$17,622,000
$5,643,000 Gain SI 1.979,000 Pacific Coast.
The Union Pacific extends from Omaha
Sub-Treasury operations..................
$23,300,000 539,700,000 Loss $16,400,000
and
Kansas
City
to Ogden, Utah, while the Central
Total gold and legal tenders...
$10,922,000 S45,343,000jLoss 4,421,000
I acific i uns fiom Ogden to San Francisco. Moreover,
the two together constitute the first transcontinental
in the principal European banks.
line aci oss the continent. Loth lines were chartered by
JuneVi 1911.
Acts of Congress, and it was the undoubted intention
June 30 1910.
Hanks of
<7*M. __| Stiver.
Total.
Gold.
I Silver. ~
of
Congress that they should always be worked har­
Total.
£
£
£
I
£
moniously
together. More than that, both the Act
£
England.. 40,437,768!
40,437 ,768 42 .396,351'
,396,351
Franco . . 128,501,1001 34,061
102,562 600 136 ,157,280 35,279
of
1862
and
the Act of 1864 granted authority for their
,436,930
Germany . 44,040.550 16,934
61,875, 250 43 ,006,050' 15,290
,296,300
Russia. . 145,062,000 7,727
152,789, 000 137 ,617,000 8,547
,164,000 actual consolidation.
Was it not, in truth, absurd
Aus.-llun 50.023.000 13,022
69,045 ,000’ 55 ,501,000 13,414
,915,000
Spain___ 16.563.000 31,261
47,824 ,000! 16 ,255,000 31,361
,616,000 in these circumstances for the Government to set up
Italy. . . 39.940.000 3,545
43,485 .000, 39 ,029,000! 3,920
,949,000
Ncth’lands 11.599.000 1,906
13,505 ,000 8 .831,000 2,416
,247,900 the claim that in bringing these naturally connecting
Nat.Belg.
6,773,333 3,386
10,160,,000, 4 .338,667 2.169
,508.000
Sweden . .
4.672.000
4,672 ,000 4 ,448,000'
,448,000 roads together Mr. Harriman was doing something for­
Swltz’land 0,424,000
0,424,,000
,610,000'
,610,000
Norway . .
2.080.000
2,080,,000 1 ,681,000
,681,000 bidden?
Total week 503,015,811 111,843,807 614,859,618 494,870,35S‘l 12 398 123 607,268,481
So far from there having been anything actually
Prov. wceki501.010.247 111,561.817 613,472,0041495.374.890|112,’493;703 607.868,593
meretricious in the transaction, the act was really one




8

THE CHRONICLE

[VOL. L X X X X U I .

of self-preservation. For the Union Pacific would hazarded by the Union Pacific. He goes further
have been bottled up if the Central Pacific should have and asserts (what, of course, is self evident) that this
passed into adverse possession. It was in evidence absolute dependence by the latter upon the Southern
that Mr. Harriman first tried to purchase from the Pacific for a distance of 800 miles of its only through
Southern Pacific Co. the old Central Pacific line, run­ route (the route by way of Portland over the Oregon
ning between Ogden and San Francisco, and that, Short Line and the Oregon Railroad & Navigation
failing in this, he entered into negotiations with C. P. being circuitous and unsatisfactory as regards com­
Huntington in the latter’s lifetime for the purchase of petition with the Southern Pacific for San Francisco
a large block of Southern Pacific stock owned by Mr. trade), to say nothing nothing of the Union Pacific’s
Huntington. Having been unsuccessful in this, he dependence upon the voluntary action of its Eastern
renewed his efforts to secure that stock from the heirs connections rendered any equal or profitable com­
after Mr. Huntington’s death in 1900. It was also petition with the Southern Pacific impossible. “ No
brought out in the trial of the case that he had a com­ real rivalry in the nature of things could have sub­
petitor in George Gould, acting for the Gould interests. sisted as long as the success of one was dependent
Aside from this, there were others representing rival upon the consent or favor of the other.”
As to the allegation of the Government that the
systems who would have been glad to get control of
the Southern Pacific, with the view to deflecting Union Pacific induced the San Pedro Los Angeles &
Salt Lake RR. Co. and its promoters to desist from
traffic away from the Union Pacific.
Control of the Southern Pacific was the chief point in constructing an independent line of railroad between
the argument of the Government, but the Court took San Pedro, California, and Salt Lake City, Utah,
up all the various other allegations in the complaint this is also shown to have been destitute of sinister
and found them all without merit. The opinion motive. Judge Adams can discover nothing in the
was written by Judge Adams, and Judge Sanborn and transaction except a laudable purpose to adjust
Justice Van Devanter, now on the bench of the United differences and construct a line of railroad between
States Supreme Court, join in the conclusions. Justice the two points which would serve their joint interests
Van Devanter, as a Circuit Judge, participated in the as well as those of the public. He says the evidence
hearing of the case and it is now expressly stated that discloses that it was not feasible to construct two lines
he concurs in the opinion. This is of importance as over the only practicable route through the canyon in
bearing upon the probable outcome .on appeal. We the mountains known as Meadow Valley Wash.
can not refrain from noting, either, that these judges This, with other reasons of a practical nature, fully
represent a circuit where past conclusions and opinions justified, it is pointed out, the abandonment of the
have been found unusually sound, meaning that they project of constructing two lines and the consolidation
have seldom been reversed. Judge Hook, in this of them into one.
What impresses us most, however, is the general
instance, files a dissenting opinion. Judge Adams
conclusions
of the Court. It is here that additional
points out that according to the proof the immediate
light
is
thrown
upon the operation, the purpose and
and actuating intent and purpose of the Union Pacific
the
scope
of
the
Anti-Trust Law. Judge Hook, in
Company in acquiring the Huntington stock and
his
dissenting
opinion,
takes occasion to say that, in
thereby the control of the operation of the Southern
his
estimation,
the
reasoning
of the majority opinion
Pacific line was to secure a permanent working and
greatly
narrows
the
Act
of
Congress,
since under the
reliable connection at Ogden over an existing road
test
applied
“
the
Union
Pacific
could
probably have
for its through traffic.
lawfully
purchased
control
of
all
the
great parallel
The Court, of course, recognizes the proposition
railroad
systems
in
the
United
States.”
But, ob­
that if the necessary and direct result of the purchase
viously,
no
such
result
could
follow
under
the prin­
of the Huntington stock had been to destroy or
ciples
enunciated
by
the
United
States
Supreme
Court
substantially to suppress free and natural competition
in
the
Standard
Oil
and
American
Tobacco
Company
before then existing between the two companies, or if
that purchase had put it within the power of the cases, namely that the Anti-Trust Law must not be
Union Pacific Co. to destroy or suppress such com­ construed or applied according to its strict letter, but
petition, the latter named company would undoubtedly that the “ rule of reason” must be applied.
Judge Adams nowhere makes any reference to the
be held to have intended the natural and reasonable
rule
of reason having been applied, but it is evident
consequences of its act and notwithstanding the
that
the Court accepted it for guidance. For aside
dominant purpose just mentioned would have violated
from
the fact that the several contracts or transactions
the Anti-Trust Law. The conclusion, however, is
complained
of are found not to offend against the
that all the facts of the case considered in their natural,
Anti-Trust
Law,
he summarizes in a most convincing
reasonable and practical aspect, and given their
way
the
actual
consequences
and results of the trans­
appropriate relative signification, do not make the
actions.
The
proof
shows,
he
says, that after 1901,
Union Pacific a substantial competitor for trans­
as
well
as
before,
the
rates
for
trans-continental
traffic
continental business with the Southern Pacific in or
remained
the
same
over
both
the
Union
Pacific
and
prior to the year 1901.
the
Southern
Pacific
lines;
that
there
has
since
then
With the advantage possessed by the Southern
Pacific as an initial carrier to deflect all East-bound been with respect to either of these lines no impair­
traffic to another line at Ogden and with the right ment of the service, no deterioration of the physical
to exaet on all East or West-bound traffic local rates properties, no discontinuance of efforts to satisfy the
instead of a fair and just proportion of an established public and no complaints of shippers of any inferior
through rate, the Southern Pacific, Judge Adams says, or inadequate service. The large number of initial
would easily have put a quick and decisive ending to carriers striving for that traffic have continued their
any hostile rivalry or competition, if such had been active solicitation for business over the line which




July 1 1911.)

THE CHRONICLE

assures them the longest haul or otherwise benefited
them most; and although some agents of the two
roads which before 1901 were separate are now joint,
they have continued to exercise their influence to
secure business for either road according to its avail­
ability and always in opposition to other active com­
petitors like the Santa Fe and the Denver & Rio
Grande roads.
A substantial majority of the stock of the Southern
Pacific Company has been held by parties other than
the Union Pacific Company, but, continues Judge
Adams, there has been no complaint by such holders
of any discrimination against their road or of any
failure to properly promote its welfare. Furthermore,
none of the minor points which it was charged had
been deprived of competitive opportunities by the
Huntington purchase are shown to have suffered as
a result of that purchase. On the contrary, hundreds
of millions of dollars have since 1901 been expended
on these roads. Their physical condition has been
vastly improved and their efficiency for public service
as well as for private profit has been greatly enhanced.
No wonder under these circumstances the Court is
moved to say: “ The whole proof taken together, we
think, fails to disclose any conspiracy to restrain
inter-State or foreign commerce in violation of the
First Section of the Act. * * * * On the facts
of this case, with all their reasonable and fair infer­
ences, we conclude that the Government has failed
to substantiate the averments of its bill.”
Obviously, there is in all this no invitation to great
railroad systems to combine and establish monopolies
or to enter into agreements to monopolize traffic.
The facts in each particular instance must determine
whether the Anti-Trust Law is being violated, and as
an aid to a correct judgment the law is not to be
applied in narrow fashion based upon its strict lan­
guage, but the rule of reason is to be used as a test
by which to fix the character of the transaction
and to judge its purpose and workings.
THE A LB AN Y “ BANKING BILLS.”
A series of bills enacted or pending, and designed to
alter or modify the provisions regarding reserves of
State banking institutions, have this week attracted
to the Albany Legislature a good share of interest in
financial centres. In brief, it may be said that these
measures, some of which have passed and one of which
is at this writing in the Senate committee’s hands,
whatever their real purpose, serve indirectly to
weaken the reserve requirements. The bills as drawn
are not a little obscure, but that their effect will be to
cut down the legal aggregate of cash to be held is
sufficiently obvious, and has, in fact, been defined
with clearness by the latest bill, aimed to prevent
the New York Clearing House from imposing special
requirements, as to maintenance of reserves, on insti­
tutions in its membership. Against this latest meas­
ure a meeting of numerous State institutions, members
of the Clearing. House, adopted yesterday vigorous
resolutions of protest which are to be conveyed to
Albany. So that the situation at this writing is, that
a proposition is before the Legislature to confer on
State banking institutions privileges and immunities
which they do not want and to free them from
Clearing-House requirements which they declare to
be, in their judgment, altogether proper.



9

The first of these “ Grady bills” — so called becaue
of their author—amends the section of the Banking
Act in which the cash reserve against deposits of State
institutions is stipulated. As the amended law now
reads it provides, first, as in the former law, for the
minimum percentage in cash reserves against the
aggregate amount of a bank’s deposits, adding the
following paragraph:
“ Exclusive of deposits which are secured by out­
standing unmatured bonds or other obligations issued
by the State of New York, or secured by outstanding
unmatured bonds, corporate stock, revenue bonds, assess­
ment bonds or other obligations issued by the City of New
York, and exclusive also of an amount equal to the market
value, but not exceeding the par value, of any such bonds
or other obligations of the State of New York or of the
City of New York owned and held by such bank or indi­
vidual banker, or held by a public department or public
officer or officers of this State or of any other State or
of the United States in trust for such bank or individual
banker.”

The italicized portion of this extract represents the
entirely new provisions inserted by Senator Grady.
Whatever may have been the particular motive
for such new provision, the point of immediate con­
cern is what its logical effect on the banking situation
would be. It is a not unfamiliar argument that such
a provision will enlarge the demand for New York City
bonds and thus serve a useful public purpose. As
we have pointed out in our remarks in our article on
“ The Financial Situation,” it is legitimate enough for
legislatures to help the public credit where proper
expedients are available for that purpose. The desig­
nating of United States Government bonds as the field
for postal savings bank investments is an instance of
the sort, though there were other sufficient reasons
for it. But to admit that much is a very different
thing from admitting the rightfulness of tampering
with the security of bank deposits in order to help
the market for municipal securities.
It is undoubtedly true that no law of the sort could
conceivably result in a complete change of bank re­
serves from cash to bonds, because even the terms of
this Act are such as to require investment in such
bonds of an amount of capital or deposits equal to
the value of the bonds before the 25 or 15% cash re­
serve could be dispensed with. But the principle in
itself is thoroughly unsound; its advocacy can hardly
be described as timely when, at .this very moment,
the national banks and the United States Government
are endeavoring to do away with the use of national
bonds even as security for circulation; and there are
certainly logical possibilities of using bank resources
for speculation in city bonds, and then dispensing with
reserves against the resultant deposit liabilities by
means of the purchased bonds themselves. That the
Bank Act of 1908 gave a somewhat similar privilege
to New York State bonds does not help the matter in
the least. Our impression is that the dispensing with
cash reserves then, in the case of deposits secured by
New York State bonds, had reference, and was under­
stood to have reference, solely to deposits of public
funds. But even if the scope of that provision was
not thus limited, it must be manifest that a plan deal­
ing with bonds of a State whose total outstanding issues
foot up less than $70,000,000 is a very different mat­
ter from admitting to the same privileges bonds of a
city whose net outstanding debt exceeds $800,000,000.

10

THE CHRONICLE

On the face of things, we are unable to see any defi­
nite or intelligible outcome of the measures in question,
except to permit State institutions to reduce the
amount of their reserves. The later demonstration
at Albany in the bill to interfere with the New York
Clearing House appears to make this conclusion un­
questionable. It seemed to be dimly understood by
the authors of the measures just described that the New
York Clearing House places definite stipulations on
the reserves which must be maintained by institutions
in its membership.
This was the manifest motive of Senator Grady’s
resolution of last week that the Banking Department
investigate and report on the New York Clearing
House. The Bank Superintendent on Tuesday sub­
mitted his report, which began by setting forth that
the New York Clearing House undertook, by its rules,
to develop a sound banking system; that its special
reserve requirements were willingly acceded to by
members for the sake of the privilege of membership;
and that, like all other clearing houses, it had the
right to drop from its membership institutions which
did not comply with those regulations, or to refuse
them admission when they were not already members.
But Mr. Van Tuyl went much further than this, and
indulged in some rather extraordinary criticisms of
the Clearing-House institution. Presuming that not
only the dropping of a bank from the Clearing House;
but the refusal to admit it, would prejudice the po­
sition of that bank with the public, and might start
a run of depositors, he went on to say that “ it would
seem clear that we owe some protection to the insti­
tutions of our own creation which comply with the
State laws and requirements— even the unintentional
injury of uncontrolled power.”
How far the Superintendent would carry his deduc­
tions from such reasoning, we find it somewhat difficult
to imagine. From the point of view of the practical
banker, his argument would seem to mean that no
clearing house has any right to refuse membership to
any institution which has not been formally proscribed
by the State authorities. From the point of view of
the legislator at Albany, his report seemed to be a plain
invitation to an attack on the present Clearing-House
system. It was so accepted, and was followed the
next day by another bill by Senator Grady amending
the Banking Act, which thus provided:
“ No corporation to which this chapter is applicable
shall enter into any agreement or combination with
any other like corporation, or become members in
any voluntary corporation or association whereby as a
condition of such combination or agreement, or such
membership, said corporation shall promise or under­
take to conform its management and business to any
requirement not specified and embraced in this
Chapter.”
We scarcely think it necessary to go into any
labored argument regarding either Superin endent
Van Tuyl’s theories or the principles of this latest bill.
Most people at all in touch with New York banking
history are perfectly well aware that no such result
as Mr. Van Tuyl imagines has ever occurred, unless in
the case of institutions which were already insolvent,
and that even in such cases the Clearing-House
authorities have moved with the utmost circum­
spection, directing their efforts wholly towards
assisting the embarrassed institution to repair its
position.
To take two striking instances: the




[VO L. L X X X X L I

Knickerbocker Trust Company in 1907 was not a
member of the Clearing House, but the Mercantile
National Bank was. The bank was saved by the
assistance of the Clearing House, although it manifestly
could not then conform to Clearing-House regulations
for reserve. There are a hundred similar instances
of the New York Clearing-House's protective policy in
the generation past.
In reality, the salient point of the Albany situation
is, that the Legislature has been, and is being, asked
to reduce the legal safeguards against unsound or
dangerous banking, and to prevent the banks, whether
individually, or in association, from keeping up such
safeguards as experience at New York has shown to be
essential. This is the first instance in our knowledge
in which a public legislature has encouraged sugges­
tions for impairing the security provided for depositors.
That it is done in complete and absolute ignorance
of the history and functions of the New York Clearing
House hardly helps the matter. During half a
century it has been the aim of the Now York Clearing
House to supplement the protective provisions of the
law, to keep close watch on the institutions of its
own locality— a closer watch than it was sometimes
possible for the Banking Department to keep— and in
general to employ the united facilities of the banks
of that locality both in protecting institutions of its
membership and in preventing unsound banking.
The services of the New Y ork Clearing House in
occasions of severe and general financial strain are
too well known to require description. It was the
Governor of the Bank of England who was cited at a
recent bank assemblage, as testifying that the Clearing­
House system in its present form was the one undisputably admirable institution in American banking.
But every one at all familiar with the subject must also
be aware that the demand of the business community
for the Clearing House Association to watch and
regulate the actions of banks in its locality has been
more insistent than anything else in the public's
discussion of the institution. The Clearing-House
authorities have responded to this demand— gradually
and conservatively, but firmly, also; in line with all
sound experience, and with a disinterestedness and
public spirit which have rarely been displayed in
movements of the sort. Not least weighty of all was
the responsibility imposed on the New York Clearing
House after the Carnegie Trust episode had proved
the constantly possible inadequacy of State super­
vision, and this at the moment when the trust com­
panies were applying for Clearing-House membership.
With the public recollection of the panic of 1907 as
distinct as it still must be, and with the work of the
Clearing House itself so well understood in the com­
munity at large, it becomes difficult to explain this
recent .Albany episode, except as a result of complete
and hardly excusable misapprehension of the banking
history of New York.
LESS GOVERNMENT THE TRUE R E M E D Y .
On Tuesday Hoboken passed upon the question of
trying the new scheme for a commission form of local
government, and although its advocates were slightly
more than the required 30% of the number voting at
the last general election, they were beaten by a ma­
jority approaching 2,000, the affirmative vote being
less than 38% of the total cast. New Brunswick also
rejected the scheme, its advocates there falling several

July 1 1911.]

THE CHRONICLE

11

hundred short of the required 30% and not reaching
35% of the vote cast.
SOUTH AMERICAN PROGRESS.
As in Bayonne, it is said that the office-holders,
Along all lines that make for their material growth,
especially such compact bodies as the police and the the leading countries of South America have made
firemen, were energetically opposed, believing they very important development the last few years and
had more prospect of losing personally than of gaining especially since foreign capital, recognizing future
by any radical change, and in Hoboken the question possibilities, has been attracted in comparatively
of open or closed saloons on Sunday was naturally a large volume. We have referred several times
factor. On the other hand, the thorough advocate of recently to the progress making by these countries,
this scheme will surely insist that the substantial busi­ and particularly to the extension of their transporta­
ness men, the educated men and all who are classed as tion facilities, without which expansion in agricultural
the “ best” citizens aro for this change, unless their resources would necessarily be slow. But even since
despair about the possibility of improvement has we last wrote on the subject (February 25 1911) there
made them indifferent. Such a contention about the have been advices denoting further notable develop­
ment and holding out definite promise of much to be
line between supportors and opponents may be in
accomplished in the near future.
great measure true. If it is true, it means that a large
Argentina, more than any of the other countries to
mass of voters are considering only their own interests,
the South of us, has come to the front rapidly of
as usual, and that the voters who carry the burdens
recent years, the providing of railway facilities having
of government without taking any personal share in
very materially assisted in the development of its ag­
it are making their old mistake of imagining that the
ricultural resources. Latest advices indicate that during
defects in public operations arise out of their form.
1910 those facilities were extended by nearly 1,300
The causes lie deeper than the form, and therefore miles of road, bringing into direct communication
the evils are not curable by so simple a process as a with the shipping ports large tracts of wheat and corn
change in form. The political machines which it is territory. Not the least important of the roads
proposed to replace by governing commissions will opened to traffic in the late year was that from Rosario,
not accept rebuke. They will quickly seek to adapt on the Parana River, to Puerto Belgrano, on the
their methods to the changed form which is imagined Atlantic, a distance of about 500 miles, much of the
to be destructive of themselves, and all the causes that country traversed being rich in cereals.
Here
go to make conditions so bad that good citizens are it is not out of place to draw attention to the fact
ready to welcome any change as hopeful, including that the construction of the Central Argentine Ry. in
neglect of duty on part of those good citizens, will re­ 1869 gave to Rosario its first impulse, the population,
main as before. We change our sky, but not our­ which only a short time earlier had been but about
selves, when we cross the seas, says an old Latin pro­ o,000, increasing to over 23,000 in that year.andnow
verb; and the spoilsman who is beaten to-day seeks to reaching close to 200,000.
The future, moreover, promises much activity in
slip quietly around a corner and retake the spoils of
railway building. Work was started in January by
power, if not the form of it.
a French syndicate on a new road from the port of
So long as government undertakings are large and
ban Bias, on the Atlantic, westerly to Portagones
manifold, opportunities for spoils must continue; and
and Choele-Choele in the Rio Negros Territory and
while such opportunities and temptations exist, they
the Minister of Public Works has authorized the
will make spoilsmen. It seems rudimentary that the
opening of the railway from Nazan to Tinogasta in
most effectual way of reducing the evils of government
the northern part of the State. Furthermore, follow­
would be to reduce its prizes by narrowing and sim­
ing the approval by the Argentine Congress of a bill
plifying the work it undertakes; yet all the current
authorizing the Government to expend $19,300,000
and all the loudest advocacy of the day is in full sweep
(U. S. gold) on the construction and equipment
towards more and more expansion of public undertak­
of State railways, the Minister has approved plans
ing, on the specious plea that only thus can “ the peo­
and estimates for the first section of the road between
ple” come again into their own, of which private greed
Diamante and Curuzu-Cuatia the approximate out­
has robbed them. I his plea is mischievously busy
lay on which is placed at $1,242,146. Taken in
in the subway situation, and all remonstrance seems
connection with this building of new railways, it is
to bo at present vain. So long as the movement goes
worthy of note that late reports are to the effect
towards increasing the spoils to be fought for, and to
that, under the auspices of the Canadian Pacific Ry.,
cieatc here and there a solid phalanx of votes which
a steamship service between Canada and Argentina
are cast for an immediate stake to be held, it certainly
is about to be inaugurated.
seems a mere dream to suppose that what we call
In Europe, also, Argentina is attracting increasing
“ bossism” can be overthrown by such merely formal
attention among transportation interests, with the
changes as substituting a board of commissioners for
result that new steamship service is projected from
the old Mayor and Common Council. As for the three
Great Britain, Germany and Italy, and regular
nostrums of referendum, initiative and recall, which
connection between Norway and the River Plate is
have been tagged to the commission plan, they may
contemplated. Finally, with the view of improving
win the votes of those who have been stirred to a de­
trade between Argentina and the East Indies, the
sire for experimenting, but they load the plan more
Minister of Agriculture is considering a proposal to
than they help it.
subvent a line of steamers either direct or via South
The narrowness of the defeat in Bayonne naturally
African ports. These comprehensive plans should
helped the scheme elsewhere, and its heavy defeat in
be instrumental in stimulating more notable develop­
Hoboken and New Brunswick will naturally burden
ment of Argentina than has yet been witnessed.
it in towns yet to vote. Perhaps a feeling may now
As an indication of the country’s progress in recent
spread that it is prudent to wait awhile and see the re­
years it is merely necessary to state that between
sult in Trenton.
1870 and 1910 population rose from 1,882,615 to 6



12

THE CHRONICLE

060,823, imports advanced from 47 millions of dollars
to 339)^ millions and exports from 29 millions to
259 millions. The most recent development of the
trade of Argentina with the United States is in the
shipping of fruit here. In fact there arrived at New
York from Buenos Ayres on June 4 a shipment of
oranges and grapes said to be the first lot of South
American fruit ever brought here in cold storage.
Turning now to Brazil, we find that no less than
1,189 miles of railways were opened to traffic in 1910,
a greater gain to transportation facilities than in
any previous year. The additions, moreover, were
notable from the fact that they were distributed over
all parts of the country and tended to the unification
of systems, thus bringing widely separated localitiies
into direct communication. For the year 1911 im­
portant railway building is also contemplated. Pro­
vision has been made to extend the West of Minas
B y. to a connection with the Goyaz B y., plans have
been approved for extending the latter from Ipamery
to Antas, and from Perdicao to Palestina, at a cost
of 82,100,000, a number of branches are to be added
to the Central of Brazil By. and the Great Western
of Brazil By. (a British corporation) has been author­
ized to build about 31 miles from Garanhans to
Bom Conselho. In Northern Brazil construction is
actively under way on the Northeastern B y., the
Government having finally approved plans for about
100 miles of roadway, the appropriation for which
reaches 82,348,000. A German syndicate has secured
a concession for a road from Taqrary to Passo Fundo
in the State of Bio Grande do Sul and expects to
secure a monopoly of railway construction in that
State. The Brazilian Government also, it is stated, has
under consideration a scheme to construct a railway
connecting Bio de Janeiro and Buenos Ayres. It
is proposed to follow the coast from Bio by way of
Santos, Porto Alegre, Pelotas and Yaguaron, connect­
ing at the last place with the Uruguayan railway sys­
tem, by which it would proceed across Uruguay to
Colonia, opposite Buenos Ayres, powerful ferryboats
to be used to transport the trains across the Biver
Plate, a journey of only about two hours.
Aside from this progress in railway building, irri­
gation projects under way or in contemplation are
also attracting attention in Brazil. The United
States representative at Bio de Janeiro notes that
a large part of the populous sections of Northern
Brazil is periodically afflicted with serious drought
conditions, but states that comprehensive means for
ultimate relief are now under way. Operations have
thus far been confined to the States of Ceara, Bio
Grande do Norte and Parahyba, but will later be
extended to Pernambuco, Bahia and elsewhere in
the afflicted region. The irrigable land in the three
States where work is now in progress is estimated
at 500,000 acres, a comparatively small aggregate.
But the claim is made that from 5,000 acres well
irrigated more agricultural products can be secured
than are now raised in the whole State of Ceara.
Chile is especially active in the matter of railroad
building at the present time, according to Consul
Alfred A. Winslow, at Valparaiso. He states that the
Government has under construction a total of 1,491
miles of line on which the expenditure has thus far
been 824,654,790 out of a total estimated cost of
874,933,300. In addition there are 694 miles under
consideration and when all lines are completed the
Government will control 3,600 miles of railway.
Furthermore, Mr. Winslow reports that concessions



[V O L . L X X X X I 1 I.

have been granted for the construction of 115 private
railways in the country, varying from five years to
perpetuity, of which 24 have already been completed
and several are now building. Shipping facilities
between Chile and the east coast of the United States
have been greatly improved the last two years and
still further improvement is expected in the service
the next few months.
Extensive irrigation plans are under consideration in
Chile. Latest reports are to the effect that a European
company has been organized to develop concessions
granted by the Chilian Government which cover
extensive tracts of land. Not one-half of the irrigable
land of the country has been developed, it is said,
and the Government is aiding in the development of
all available territory. Latest published statistics
indicate that there are now 2,374,073 acres under
irrigation in the country.
Uruguay also is doing much in the way of projection
and construction of railways. The Central Bailway is
constructing several branches, including one to the
Brazilian border to connect with the railways of that
country. The company also plans to shorten the
present line between Montevideo and Colonia by
eliminating a number of curves. The Midland Bail way
during 1910 opened up for traffic 96 miles of the
Algorta-Fray Bentos extension and recently was
granted a concession to build a line from TresArboles to Piedra Sola which, it is stated, it expects
to complete soon. The Eastern Bailway has been
completed to Maldonado, bringing that city into
connection with the capital, and the road it is ex­
pected, will be extended to Bocha. The Pan-American
Transcontinental Bailway has received technical
approval of the plans, &c., for the line that is to
extend from Colonia, on the Southern Coast, to San
Luis, on the Brazilian border, a distance of 360}4
miles. Finally, the Trans-Uruguayan Bail way Syndi­
cate has petitioned the Government for concessions
to construct a new port at Coronilla, to be called
Atlantica, and to build a standard-grade railway from
Atlantica westerly to Cuariem, bisecting the country
from east to west. A
branch—the AtlanticaBio Grande—it is intended will leave the main line
at a point north of the Cebollati Biver, and end at
Acegua on the Brazilian border. Another, the Atlantica-Salto, is to leave the main line 18 miles north of
Tres Arboles and end at the city of Salto. The
Atlantica-Montevideo, still another branch, will extend
from Port Atlantica to Minas, connecting at that city
with the eastern extension of the Central Bailway.
Finally, the Atlantica-Bocha branch will pass from
the port to Bocha, where it will eventually connect
with the Eastern Bailway coming from Maldonado.
Perhaps no other road now under considerat on in
South America is more worthy of mention than the
Trans-Paraguayan B y., which is intended to afford
Asuncion an outlet through Brazil to the Atlantic
coast. The road will run in an almost due easterly
direction to Sao Francisco on the ocean. At the
present time Paraguay has but one road, the Paraguay
Central, which runs southeasterly from Asuncion
toward Encarnacion-Posadas on the Argentine border.
The only actual artery of exit or entrance to the
country is the Parana Biver, which being shallow and
full of sand bars, is difficult of navigation. While
Paraguay, as stated, possesses but the one road of its
own, Brazilian and Argentine interests, however, have
extended their railway lines into Paraguayan territory,
I arid now, under the stimulus of Argentine capital, the

July 1 1911.]

THE CHRONICLE

Paraguay Central is being pushed south to Encarnacion to meet the Northeastern Argentine Railway’s
extension to Posadas. The completion of the work
will afford a through route from Asuncion to Buenos
Aires, a distance of 940 miles. Brazil’s effort in the
direction of closer communication with Paraguay has
in the meantime assumed somewhat definite shape in
the projected Trans-Paraguayan Ry. With the
completion of these two important lines of communi­
cation, Paraguay, heretofore a comparatively inaccessi­
b le and sparsely populated country, should attain a
much more important position than it now holds
among the nations of the world.
ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.
— The

557

p u b lic

sh a res,

E xchange

sa le s

of

of

w h ic h

and

185

bank

372

sto c k s

sh ares

sh a res

at

th is

w ere

w eek

s o ld

a u c tio n .

at

The

a g g re g a te
th e

in t r u s t c o m p a n y s t o c k s r e a c h a t o t a l o f 9 5 s h a r e s .
C ity

Bank

s t o c k w a s le s s a c t i v e

e a r ly

in

th e

w eek

T h u r s d a y a n d c lo s e d a t 4 5 5 .
T ru st

Co.

470,

to u c h e d

The

452

on

T w e n t y -fiv e sh a re s o f F id e lity

w ith it to m a k e a n y o f th e n e w d e d u c tio n s p e r m it t e d b y th e
a m e n d e d l a w , t h e p r o v i s i o n s o f w h ic h w e r e g i v e n in f u ll i n o u r
is s u e o f J u n e l7 .

U n d e r t h e C l e a r i n g - H o u s e r u l e s , S t a t e 'b a n k s

a r e o b l i g e d t o k e e p in t h e i r o w n v a u l t s a c a s h r e s e r v e o f 2 5 %
of

th e ir

ju s t

net

r e c e n tly

d e p o s its .

The

becom e

m em bers

tru st
of

c o m p a n ie s
th e

w h ic h

C le a r in g

r e q u i r e d t o m a i n t a i n a c a s h r e s e r v e o f 2 5 % , o f w h ic h
is t o b e in t h e i r o w n v a u l t s a n d 1 0 %
b e rs c a r r y in g a 2 5 %

reserv e.

have

H ou se

are
15%

o n d e p o s it w ith m e m ­

A r u lin g o f th e C le a r in g -H o u s e

c o m m itte e m a d e o n J u n e 12 s tip u la te s t h a t “ th e re se rv e s o f
S t a t e b a n k s a n d t r u s t c o m p a n i e s s h a ll b e b a s e d o n t h e le g a l
n e t d e p o s its a s p r o v id e d b y th e la w a t th e d a t e o f th e a d o p ­
tio n o f th e a m e n d m e n ts to th e C le a r in g -H o u s e c o n s titu tio n
M a y 9 1 9 1 1 .’ ’
S u p t.
to

th e

V a n T u y l , in s u b m i t t i n g t h e r e s u l t s o f h i s i n q u i r y
S en a te,

sta te s

th a t h e

“ c a n n o t f in d

th a t

th ere h a s

b e e n a n y o p p o s itio n o n th e p a r t o f a p p lic a n ts fo r m e m b e r ­
s h ip

in

th e

C l e a r in g

H ou se

A ss o c ia tio n

to

th e

r e g u la tio n s

e n a c t e d in i t s c o n s t i t u t i o n t o c o v e r t h e s i t u a t i o n . ’ ’

H e ad­

m its t h a t “ th e a c tio n o f th e tr u s t c o m p a n ie s w h ic h jo in e d t h e
A s s o c ia tio n w a s p u r e ly v o lu n t a r y o n th e ir p a r t , a n d t h e y w e re
a t n o t i m e in d o u b t a s t o t h e r e q u i r e m e n t s t o b e d e m a n d e d
of

th e m

by

th e

C le a r in g -H o u s e

A s s o c i a t i o n .”

C o m m e n t­

in g u p o n t h e f a c t t h a t a ll c le a r i n g h o u s e s , b y t h e i r c o n s t i t u ­

B a tte ry

l a t i o n s , a n d t o r e f u s e a d m i s s i o n a r b i t r a r i l y ,” S u p t . V a n T u y l

150— an

f ir s t

s a le

s in c e

S e p te m b e r

no

th e

of

The

w as

of

a s s o c ia te d

P a rk N a tio n a l B a n k s to c k w a s m a d e th is w eek a t

220.

been

m em b ers

in s titu tio n s

m e m b e r s h i p m e m b e r s w h ic h f a il t o c o m p l y w i t h t h e i r r e g u ­

th e

had

th e

tio n s , “ re se rv e th e r ig h t to p e n a liz e , su s p e n d a n d

w hen

p ric e

g o v e r n in g

a llo w

s a le

1907,

th e re

not

s o ld

N ovem ber

w h ic h

r e g u la tio n s
do

w ere

at

of

to

sh a res.

The

H ou se

p u b lic

s in c e

sto c k ,

N a tio n a l

t h a n in e i t h e r o f t h e p r e ­

c e d in g tw o w e e k s , th e sa le s a m o u n t in g to 2 7 7
p ric e a d v a n c e d

S to c k

tr a n s a c tio n s

con cern ed.
C l e a r in g

13

200,

1908

a d v a n c e o f 3 0 p o in ts .
B A N K S — N ew Y ork .
Low .
H ig h . C lo se .
B a t t e r y P a r k N a t . B a n k ___ 15 0
150
15 0
C i t y B a n k , N a t i o n a l ................. 4 5 2
470
455
C o m m e r c e , N a t . B a n k o f ___ 2 1 5
210
215
P o u r t h N a t io n a l B a n k ______ 2 0 7
211
210
M e r c a n t ile N a t io n a l B a n k . . 15 5
155
15 5
P a r k B a n k , N a t i o n a l _______ 3 7 2 H 3 7 2 14 3 7 2 Vi
T R U S T C O M P A N Y — N e io Y o r k .
F i d e l it y T r u s t C o ..............
220
220
220
T R U S T C O M P A N Y — D rookyn.
F r a n k lin T r u s t C o ...................
19 2
192
192

L a st

p r e vio u s

10
*277
*2 2
*73
150
25

S ep t.
June
June
June
M ch .
June

1908—
1911—
1911—
1911—
1911—
1911—

25
70

s a le .

120
457 H
220
200
155
373
200

M ay

190

1911—

— N o a c tio n h a v in g b e e n ta k e n th is w e e k b y th e G o v e r n ­
t i t i o n t o m a k e M o n d a y a h o l i d a y , b u s i n e s s w ill b e c o n d u c t e d
o n th e E x c h a n g e o n t h a t d a y a s u s u a l.

W ith In d ep e n d e n ce

D a y c o m i n g o n T u e s d a y , a n u m b e r o f t h e m e m b e r s w e r e in
f a v o r o f s u s p e n d in g o p e r a tio n s o n

on

t r i p le h o l i d a y .

M onday

(th e

The

th e p r e c e d in g d a y ,

C o tto n

G overnm en t

E xchange

m o n th ly

th u s

w ill a l s o

co tto n

report

b e i n g d u e o n t h a t d a y ) , b u t t h e C o ffe e a n d P r o d u c e e x c h a n g e s
h a v e d e c i d e d t o r e m a i n c lo s e d f r o m t o - d a y u n t il W e d n e s d a y ,
h a v e d e c id e d
W ed n esd ay.
— A

N ew

to

r e m a in

Y ork

fo r tr a n s fe r

c lo s e d

fr o m

noon

t o -d a y

u n t il

S to c k E x c h a n g e m e m b e rsh ip w a s p o ste d

th is w e e k , th e c o n sid e ra tio n b e in g $ 6 9 ,0 0 0

th e

s a m e a s th e la s t p r e c e d in g s a le .
— S e n a to r R o o t ’s a m e n d m e n t to th e C a n a d ia n R e c ip r o c ity
B i l l w a s d e f e a t e d in t h e U n i t e d S t a t e s S e n a t e o n t h e 2 6 t h u l t .
The

am endm ent

fo rm a l
w h ic h

r o ll-c a ll
is

p r im a r ily

r e la tio n s w ith
a g r e e in g o n
F in a n c e
added

w as

h a v in g

r e je c te d
been

th e

in te n d e d

to

C a n a d a , passed

B ill.

w ith o u t a re c o rd ed v o t e , n o

m ade.

J u n e 8 to re p o rt

C o m m itte e

to

d e c id e d

The

R e c ip ro c ity

p ro m o te

th e

B ill,
tra d e

H o u s e o n A p ril 2 1 .

it to th e

th a t

r e c ip r o c a l

th e

In

S e n a te , th e S e n a te

R oot

am endm ent be

T h is a m e n d m e n t p r o v id e d

t h a t b e fo r e

a n y o f th e fe a tu r e s o f th e a g r e e m e n t w ith r e s p e c t to p r in t
p a p e r a n d w o o d p u l p s h o u l d b e e f f e c t i v e , a ll o f t h e C a n a d i a n
P r o v in c e s w o u ld

have

to re m o v e

a ll r e s t r i c t i o n s o n e x p o r t

t r a d e in w o o d p u l p a n d p u l p w o o d .

T h e b ill a s i t p a s s e d t h e

H o u s e w ill p e r m i t f r e e t r a d e in w o o d p u l p a n d p r i n t p a p e r
e x c e p t in t h e P r o v i n c e s r e t a i n i n g r e s t r i c t i o n s .
— T h e r e p o r t r e la tiv e to th e c ir c u m s ta n c e s a n d c o n d itio n s
u n d e r w h ic h

S ta te

banks and

tr u s t c o m p a n ie s h a v e jo in e d

t h e N e w Y o r k C le a r in g H o u s e A s s o c i a t i o n , w h ic h N e w Y o r k
S ta te S u p e rin te n d e n t o f B a n k s G eo rg e C . V a n T u y l J r. w a s
c a ll e d u p o n t o m a k e t o t h e S e n a t e b y J u n e 2 7 , u n d e r a r e s o ­
l u t i o n o f t h a t b o d y a d o p t e d o n J u n e 2 2 , w a s p r e s e n t e d t o it
on

M onday.

G rady,

The

r e s o lu tio n

w as

in tro d u c e d

by

S en a to r

w h o s e n e w l y - e n a c t e d la w ( s ig n e d b y G o v . D i x o n

3 1 ) , in te n d e d

to

stre n g th e n

th e

M ay

d e m a n d fo r N e w Y o r k C ity

b o n d s t h r o u g h i t s p r o v i s io n a l l o w i n g t h e S t a t e i n s t i t u t i o n s , in
c a lc u la tin g r e s e r v e s , to d e d u c t fr o m [d e p o s its th e m a r k e t v a lu e
( n o t e x c e e d in g p a r )

of any

su ch

o b lig a tio n s o w n e d ,

f a il e d

o f J its p u r p o s e , i n s o f a r a s t h e C l e a r i n g - H o u s e i n s t i t u t i o n s a r e




a tte n tio n ,

how ever,

is

h is

W h a t h a s a ttr a c te d

fu r th e r

d e c la r a tio n

th a t

“ a S ta t e in s titu t io n c o m p le t e ly s o lv e n t b y e v e r y te s t o f th e
B a n k in g D e p a r t m e n t , c o m p ly in g f u lly w ith e v e r y s t a t u t o r y
r e q u ir e m e n t , m ig h t b e e x p e lle d

or su sp e n d e d fro m

a c le a r ­

in g h o u s e o r r e f u s e d a d m i s s i o n t o i t f o r f a i l u r e t o c o n f o r m t o
u p o n it b y

o f a c le a r i n g h o u s e w h i c h , f r o m

th e c o n stitu tio n

th e n a tu r e o f its b u s in e s s ,

m ig h t b e d e tr im e n ta l o r u n fa ir t o i t , w ith t h e r e s u lt t h a t it
m i g h t n o t o n l y b e i n ju r e d in i t s b u s i n e s s , b u t a r u n m i g h t b e

in g C o m m it t e e o f th e N e w Y o r k S t o c k E x c h a n g e o n th e p e ­

open

m ost

s o m e e x t r a r e s tr ic tio n im p o s e d
N ov. 1 9 0 7 -

* S o ld a t th e S t o c k E x ch a n g e .

se c u rin g a

p o i n t s o u t t h a t t h e r i g h t o f m e m b e r s h i p in a c le a r i n g h o u s e
is o n e o f g r e a t v a l u e f o r m a n y r e a s o n s .

S h a res.

e x p e l fr o m

s ta r te d b y tim id d e p o s ito r s b e c a u s e o f su c h r e fu s a l, s u s p e n ­
s io n o r e x p u l s i o n , a n d i t m i g h t b e c o m e e m b a r r a s s e d t h r o u g h
in a b ility

q u ic k ly

to

r e a liz e o n

p e r fe c tly

good

a ls o m a k e s th e fo llo w in g s ig n ific a n t r e m a r k :

a s s e t s .”

He

“ I t w o u ld s e e m

c le a r t h a t w e o w e s o m e p r o t e c t i o n t o t h e i n s t i t u t i o n s o f o u r
o w n c r e a t i o n w h ic h c o m p l y w i t h a ll t h e S t a t e l a w s a n d r e ­
q u ir e m e n ts ,
p o w e r .”
_

even

th e

u n in te n d e d

in ju r y

of

u n c o n tr o lle d

A c o p y o f h i s r e p o r t in i t s e n t i r e t y f o l l o w s :

,

J u n e 26 1011.

T o th e H o n o r a b le , T h e P r e s i d e n t o j th e S e n a t e :

I n r e s p o n s e t o t h e r e s o lu t i o n a d o p t e d b y y o u r H o n o r a b l e B o d y a n d t r a n s m it t e d t o m e u n d e r d a t e o f J u n e 2 2 d , d i r e c t i n g m e t o I n v e s t ig a t e a n d
r e p o r t t o t h e S e n a t e In r e la t i o n t o t h e c ir c u m s t a n c e s a n d c o n d i t i o n s u n d e r
w h le h S t a t e b a n k s a n d t r u s t c o m p a n i e s In t h e c i t y o f N e w Y o r k h a v e
J o in e d o r p l a c e d t h e m s e lv e s u n d e r t h e r u le s a n d r e g u l a t io n s o f t h e N e w Y o r k
C le a r in g - H o u s e A s s o c i a t io n , a n d a ls o w h e t h e r s u c h r u le s a r.d r e g u l a t io n s
a l l e c t , a n d in w h a t p a r t i c u la r , a n y o f t h e la w s o f t h e S t a t e o f N e w Y o r k in
t h e ir a p p li c a t io n t o a n y o f t h e I n s t it u t io n s o f t h e S t a t e u n d e r t h e s u p e r ­
v i s io n o f t h e S u p e r i n t e n d e n t o f B a n k s . I h a v e t h e h o n o r t o r e p o r t a s f o l l o w s :
T h e N e w Y o r k C le a r in g - H o u s e A s s o c i a t i o n Is n o t a n i n c o r p o r a t e d b o d y ,
b u t a v o l u n t a r y o r g a n i z a t io n o f b a n k s a n d t r u s t c o m p a n i e s o p e r a t i n g u n d e r
n o c h a r t e r a n d a m e n a b le o n l y t o t h e ir o f fi c e r s a n d m a n a g e r s .
T h e o b je c t
o f t h e a s s o c ia t i o n Is t o r e g u l a t e a n d g o v e r n t h e d a i l y e x c h a n g e s o f b u s in e s s
b e tw e e n b a n k s a n d t o p r o v id e a m a n n e r a n d p la c e fo r th e a d ju s tm e n t o f
t h e p a y m e n t o f b a la n c e s r e s u lt in g f r o m s u c h e x c h a n g e s , w h ic h a m o u n t o n
t h e a v e r a g e t o o v e r S 3 0 0 .0 0 0 .0 0 0 p e r d a y .
I n p r o v i d i n g r e g u l a t io n s f o r
t h e t r a n s a c t io n o f b u s in e s s o f t h e a s s o c ia t i o n i t is c la im e d t h a t t h e a s s o ­
c i a t i o n ’s r u le s a r e d i r e c t e d t o w a r d s t h e d e v e l o p m e n t o f a s o u n d b a n k in g
sy stem .
D u r in g t h e p a n ic o f 1 9 0 7 , a s w e ll a s In p a n ic s o f t h e p a s t , t h e C le a r in g
H o u s e w a s a c t i v e in a r r a n g e m e n t s t o m e e t t h e e m e r g e n c y w it h a s l it t l e
s t r e s s t o t h e c o m m e r c i a l a n d b a n k in g c o m m u n i t y a s p o s s i b le .
T h e C le a r ­
i n g H o u s e a t t h a t t im e p u t o u t In C le a r in g - H o u s e c e r t i f ic a t e s t o r e li e v e t h e
s i t u a t io n
$ 1 0 1 ,0 0 0 ,0 0 0 .
T h e s e c e r t i f ic a t e s a r e n o n - n e g o t i a b l e e x c e p t
a m o n g b a n k s — m e m b e r s o f t h e A s s o c i a t i o n — in d e a l i n g w it h t h e C le a r in g
H o u s e o n l y o r w it h o t h e r m e m b e r s , t h u s r e li e v i n g t h e n e c e s s it y o f p a y i n g
o u t o f c a s h , w h ic h t h u s r e m a in e d a t t h e d i s p o s a l o f t h e c o m m u n i t y a t la r g e .
P r io r t o M a y 1 91 1 t h e C le a r i n g - H o u s e c o n s i s t e d o f 18 S t a t e b a n k s a n d
3 3 n a t io n a l b a n k s .
U n d e r t h e N a t io n a l B a n k A c t . N e w Y o r k C i t y b e i n g
a c e n t r a l r e s e r v e c i t y , e a c h n a t i o n a l b a n k m u s t c a r r y a c a s h r e s e r v e in its
v a u l t e q u a l t o a t le a s t 2 5 % o f it s n e t d e p o s i t s .
U n d e r t h e b a n k in g l a w o f
th is S t a t e a S t a t e b a n k l o c a t e d In t h e C i t y o f N e w Y o r k m u s t c a n y a n e t
r e s e r v e o f 2 5 % , 1 5 % in c a s h In Its v a u l t s a n d t h e r e m a in in g 1 0 % m a y b e
o n d e p o s i t w it h r e s e r v e a g e n t s .
T o ' p l a c e a ll I n s t it u t io n s In t h e C le a r in g
H o u s e u p o n a n e q u a l f o o t i n g , t h e C le a r in g H o u s e r u l e d t h a t a ll m e m b e r s
m u s t b e o n a n e q u a l r e s e r v e b a s is , a n d S e c t i o n 9 o f A r t i c l e 3 o f t h e c o n s t i ­
t u t io n , N e w Y o r k C le a rin g -H o u s e A s s o c ia t io n , p r o v id e s :
“ T h a t a ll m e m b e r s o f t h e A s s o c i a t io n s h a ll k e e p a n d m a i n t a in in t h e i r
o w n v a u l t s a c a s h r e s e r v e o f 2 5 p e r c e n t u m o n t h e ir n e t d e p o s i t s . ”
T h e t e r m “ n e t d e p o s i t s ” a s c o n s i d e r e d b y t h e C le a r in g H o u s e Is s p e c i fi e d
In S e c t i o n 10 o f A r t i c l e 3 a s f o ll o w s :
“ G ro s s d e p o s i t s a n d u n p a id
d i v i d e n d s le s s e x c h a n g e s f o r C le a r in g ­
H o u s e a m o u n ts d u e fro m o th e r b a n k s f o r c o lle c t io n , n o te s o f o th e r b a n k s
a n d c h e c k s o n n o n - C l e a r i n g - H o u s e I n s t it u t io n s o f t h is c i t y . ”
A t a m e e t in g o f t h e C le a r i n g - H o u s e A s s o c i a t i o n h e ld M a y 9 1 9 1 1 t r u s t
c o m p a n i e s w e r e p e r m it t e d t o J o in t h e A s s o c i a t i o n a s p r o v i d e d f o r b y S e c t i o n
8 o f A r t i c l e 3 o f t h e c o n s t i t u t i o n o f t h e A s s o c i a t io n :

[VOL. LXXXXI I.

THE CHRONICLE

14

Whereas, It Is reported that Senator Thomas F . Grady has Introduced In
“ Trust com panies becom ing members o f the Association shall be re­
the Senate a bill to amend the State Banking Law, which would In effect
a r e d to keep and maintain a cash reserve of not less than 25 per centum
com pel all State banks and trust companies now members of the New York
of their legal net deposits, of which not less than 15 per centum must be
Clearing-House Association to withdraw therefrom, and
kept In their own vaults, and the balance shall be maintained on deposit
Whereas, No rules of the Clearing House Association have been adopted
with members of this Association who carry a 25 per centum cash reserve
except for the exclusive purpose of securing safety to depositors, conserva­
In their own vaults.”
tive banking and to supplement the efforts of the Comptroller of the Cur­
The circumstances and conditions under which State banks and trust
rency and the State Banking Department, that the aifalrs of banking In­
com panies of the City of New York have assumed membership In the New stitutions be conducted to the end that all depositors and others dealing
Y ork Clearing-House Association Is practically described above. Following
with such Institutions shall be protected and
permission of the Association, as above stated, applications were received
■ Whereas, the rules that have been adopted by the Clearing-House Asso­
from 17 non-member trust companies who made application for admission
ciation are sound and reasonable, and
and, under the usual examination provided for by Section 11 of Article 6
Whereas, It Is the unanimous opinion of the authorized representatives
of the Association, were duly admitted to membership. These trust com ­ of State Institutions, now members of the New Y ork Clearing House Asso­
panies are required to carry a reserve of 2 5 % , of which 15% must be n ciation, in meeting assembled at the offices of the Guaranty Trust Co. in
cash in their vaults and the additional 10% m ay be a deposit with a mem­ the City of New Y ork, on June 30 1911, that the measure above referred to
ber of the Association who carries 25% cash reserve in their own 'a u s - would. If it became a law, discourage and destroy the earnest cflorts of
The Clearing House, It will be noticed, was acting as it had already done conservative bankers In this city more effectively to produce safe and con­
In the case of State banks which had been represented In Its membersmp servative banking conditions in the City of New Y ork and the country at
for some time past.
'
,.
large, and largely to rem edy the evils which have In the past resulted In
I cannot find that there has been any opposition on the part or appli­ bank failures and consequent loss and ruin to m any people, and that only
cants for membership In the Clearing-House Association to t ic regu a ons through co-operation by the national banking and State banking Insti­
enacted in the Clearing-House Association's constitution to cover the
tutions of the City of New Y ork, in the supervision of banking conditions
situation. The action of the trust companies which joined the Association
and the maintenance of proper reserves, can these conditions bo most ef­
was purely voluntary on their part, and they were at no time In doubt as
to the requirements to be demanded of them b y the Clearing-House Asso­ fectively im proved,
Now he it xmanimouslu Resolved, That the aforesaid authorized representa­
ciation. In other words, they knew that for years the Clearing House had
tives of all of the State banking Institutions, now members of the New
exacted larger cash reserves of a State banking Institution than were ic York Clearing-House Association, do hereby earnestly protest against the
qulred b y law. but they were willing to meet the requirements for the sake
proposed legislation, and do hereby appoint a com m ittee, consisting of
of the supposed privileges gained by being a member of the Association.
Theodore F Miller of the Brooklyn Trust C o., J. R . Cleveland of the Title
In reference to whether the “ rules and regulations afTcct, and In what
Guarantee & Trust Co. and W . E. Frew of the Corn Exchange Bank, to
particular, any of the laws of the State of New \ ork in their application to
wait upon Senator Grady and the Chairman of the Committee on Banks
any Institution under the supervision of the State Banking Department,
of the Senate and such other legislative representatives as might be ad­
I can find three cases where Clearing-House requirements relating to reserves
visable, and present to them copies of these resolutions.
differ from the State laws:
Further Resolved, That the Chairman of this meeting Is hereby authorized
■ First: The requirement of reserve for State banks under the Clearing­
to direct to Senator Grady and also to the Chairman of the said Committee
House ruling changes the privilege of keeping 10% of Its reserve with the
on Banks a letter In the form which has been read In this meeting.
reserve depository, requiring cash for the entire 2 5 % , which has always
Farther Resolved, That the said Committee Is hereby authorized to make
been the Clearing-House rule.
such further representations to Senator Grady and the Committee on Banks
Second: The requirements of reserve for trust companies under Clearing
as in their Judgment m ay seem advisable for the purpose of making clear
House ruling requires an additional 10% reserve to be deposited with a
the emphatic and earnest protest expressed at this meeting against such
member of the Clearing House having 25% cash reserve in Its vault.
proposed legislation.
Third: The law of 1911, known as Chapter 200 of the Banking Law
whereby New York State and New York City bonds owned m ay be deducted
— B a n k S u p e r i n t e n d e n t V a n T u y l o f N e w Y o r k w ill t o - d a y
from the net balances required, as com puted heretofore, upon which to
( J u l y 1 ) i n a u g u r a t e h is p l a n t o d i v i d e t h e S t a t e in t o e x a m i n a ­
com pute reserve, has never been acted upon by the Clearing-House Com­
m ittee, and in consequence Is not at the present tim e considered In any way t i o n d i s t r i c t s — a n a r r a n g e m e n t d e v i s e d f o r t h e p u r p o s e
In com puting the Clearing-House reserve which all members must report.
o f in c r e a s in g t h e v a l u e a n d e f f i c i e n c y o f t h e b a n k e x a m i n a ­
All clearing houses by their constitutions reserve the right to penalize
tio n s.
T h e S u p e r i n t e n d e n t h a s a p p o r t i o n e d t h e S t a t e in t o
suspend and expel from membership members which fall to com ply with
f o u r d i s t r i c t s , b u t t h e d e s i g n a t i o n o f t h e s e d if f e r s s o m e w h a t
their regulations and to refuse admission arbitrarily.
It must be conceded that the right of membership In a clearing house is f r o m t h e t i t l e s r e p o r t e d in t h e p r e l i m i n a r y a n n o u n c e m e n t s ,
one of great value for m any reasons, and It must also be conceded that the
suspension or withdrawal of that right thus attained Is a serious reflection a n d w h ic h w e r e n o t e d in a r e f e r e n c e t o t h e m a t t e r in o u r
T h e y a r e to b e k n o w n r e s p e c tiv e ly a s
in the popular mind and upon the credit of a financial Institution. .Sim e c o l u m n s l a s t w e e k .
the State Imposes lawful restrictions In m any ways upon the banking insti­ t h e M e t r o p o l i t a n , t h e E a s t e r n , t h e C e n t r a l a n d t h e W e s t e r n
tutions and by means of the powers of the Banking Department enforces
T h e w o r k o f t h e M e t r o p o l i t a n D i s t r i c t w ill b e
them, the State in a qualified sense gives a certificate of character to every d i s t r i c t s .
Institution under its Jurisdiction by permitting It to continue business. u n d e r t h e p e r s o n a l d i r e c t i o n o f C h ie f E x a m i n e r M . W .
The people of the State, while exercising the perfect freedom of choice as H u t c h i n s ; t h e E a s t e r n D i s t r i c t , w it h h e a d q u a r t e r s a t A l b a n y ,
to their depositories, have the right to believe that all State Institutions
perm itted to continue business are solvent and able to pay their liabilities w ill b e in c h a r g e o f E x a m i n e r A n d r e w M o r e l a n d o f R o c h e s t e r ;
upon demand and yet it Is conceded that a State Institution com pletely t h e C e n t r a l D i s t r i c t , a t S y r a c u s e , in c h a r g e o f E x a m i n e r
solvent by every test of the Banking Department, com plying fully with
H o r a c e J . Y o u n g , o f S y r a c u s e ; a n d th e W e s t e r n D is tr ic t, a t
every statutory requirement, might be expelled or suspended from a
clearing house or refused admission to It for failure to conform to some B u f f a l o ; in c h a r g e o f E x a m i n e r F r a n k N o b l e , o f B u f f a l o .
extra restriction Imposed upon It by the constitution of a clearing house, E a c h o f t h e e x a m i n e r s in c h a r g e o f t h e d i s t r i c t s w ill c o n t i n u e
which, from the nature of Its business, might be detrimental or unfair to It,
with the result that It might not only be Injured in Its business, but a run a s a c t i v e e x a m i n e r s , a n d t o a c o n s i d e r a b le e x t e n t w ill d i r e c t
m ight be started by timid depositors because of such refusal, suspension or t h e w o r k o f h is a s s i s t a n t s w h o m a y b e a s s i g n e d t o c o v e r h is
expulsion, and It might becom e embarrassed through Inability to quickly d i s t r i c t f r o m t h e A l b a n y a n d N e w Y o r k C i t y o f f i c e s o f t h e
realize on perfectly good assets. It would seem clear that we owe some
I t is s t a t e d t h a t u n d e r t h e n e w a r r a n g e m e n t
protection to the Institutions of our owm creation which com ply with all D e p a r t m e n t .
the .State laws and requirements, even the unintended injury of uncon­ t h e u p - S t a t e e x a m i n e r s in c h a r g e o f d i s t r i c t s w ill b e e x p e c t e d
trolled power.
t o t h o r o u g h l y f a m i l i a r i z e t h e m s e l v e s w it h
th e v a lu e o f
W ith the recent admission to membership In the New York Clearing
House of trust com panies, which now contain as great deposits In the aggic- a ll lo c a l s e c u r i t ie s a n d c r e d i t s in t h e i r d i s t r i c t s , a n d a s a
gate as banks, it may conservatively be said that the New York City (deal­ c o n s e q u e n c e it w ill b e m u c h e a s ie r f o r t h e D e p a r t m e n t to
ing House is the hub of the financial system of the United States and that a s e c u r e f i r s t -h a n d i n f o r m a t i o n r e s p e c t in g i n s t i t u t i o n s t o b e
notable percentage, not only of bank deposits of the State, but of the
T h e e x a m i n e r s in c h a r g e o f th e
nation, are under the control of that Association. The personnel of Its e x a m i n e d in t h e f u t u r e .
officers and com m ittees change from year to year, but these men all repre­ d i s t r i c t s a r e t o b e h e ld p e r s o n a l l y r e s p o n s ib le t o S u p t . V a n
sent the Institutions constituting Its membership.
T u y l a n d C h ie f E x a m i n e r H u t c h i n s f o r t h e w o r k a n d t h e
It will be a pleasure for the Banking Department to furnish your H on­
orable Body with any special Information you might desire In connection c o n d i t i o n o f t h e fin a n c ia l i n s t i t u t i o n s u n d e r t h e i r j u r i s d i c t i o n ,
with further investigations.
a n d a re e x p e c te d to b e p re p a re d to c a rr y o u t th e r e c o m m e n ­
.
Very respectfully yours,
d a tio n s a n d s u g g e s tio n s o f S u p e r in te n d e n t V a n T u y l a n d
GEO. C. VAN T U Y L J R .,
Superintendent of Banks.
h is c h ie f e x a m i n e r , t h u s r e li e v in g t h e S u p e r i n t e n d e n t f r o m
S u p p l e m e n t i n g h i s i n q u i r y in t o t h e C l e a r in g H o u s e , S e n a ­
t o r G r a d y o n W e d n e s d a y , t h e 2 8 t h u l t . , in t r o d u c e d a n o t h e r
m e a s u r e h a v in g a b e a r in g o n th e a s s o c ia tio n .
he

seek s a n

new

am endm ent

s e c tio n

as

to

th e

b a n k in g

a d d in g

a

fo llo w s :

a

m e e tin g

o f r e p r e s e n ta tiv e s o f S t a t e b a n k s a n d tr u s t

the s u p e r v i s i o n

th e A lb a n y a n d N e w

I n th is m o v e

la w s b y

No corporation to which this chapter Is applicable shall enter into any
agreement or com bination with any other like corporation, or becom e
members In any voluntary corporation or association whereby, as a condi­
tion of such com bination or agreement for such membership, said corpora­
tion shall promise or undertake to conform Its management and business
to any requirements not specified and em braced in this chapter.
At

d e t a i l s i n v o l v e d in

o f d is t a n t in s titu t io n s fro m

Y o r k C ity o ffic e s .

— W e h a v e t h i s w e e k b e e n f a v o r e d w it h a c o p y o f t h e b ill
s ig n e d b y G o v . D i x o n J u n e 2 0 , w h ic h s e t s o u t
tio n s g o v e r n in g

t h e f a il u r e

to

pay

n e w r e g u la ­

s a fe -d e p o s it r e n ta l.

p r o v i s i o n s , w e f i n d , d if f e r m a t e r i a l l y f r o m

u s a w e e k a g o , w h ic h w e r e b a s e d o n t h e n e w s p a p e r a c c o u n t s
of

th e

b ill.

The

la w

as

am ended

p r o v id e s

th a t

w h ere

d e p o sit

com pany

m ay,

at

th e

e x p ira tio n

of

such

n o t i f y t h e o n e in w h o s e n a m e t h e s a f e o r b o x s t a n d s

o ffic e s

th e re n ta l

th e

re g iste rin g

a

G u a ra n ty
p ro te st

T ru st

a g a in s t

Co.

th is

y e ste rd a y ,

pro p osed

r e s o lu tio n s

m ea su re

w e re

su ch
W hen

G rad y,

com pany

th e

C h a ir m a n
su ch

of

th e

C o m m itte e

o th e r le g is la t iv e

b e a d v i s a b l e , a n d i n d ic a t e t o t h e m

on

Banks

of

th e v ie w s o f th e b a n k e r s

o n t h e p e n d i n g l e g i s l a t i o n , a s e m b o d i e d in t h e r e s o l u t i o n .
c o p y o f th e r e s o lu tio n fo llo w s :




th e

r e p r e s e n ta tiv e s a s m ig h t

A

is n o t p a i d

n o t ic e

a d o p te d a n d a c o m m itte e w a s n a m e d to w a it u p o n S e n a to r
S en a te an d

a

s a f e - d e p o s i t h o ld e r is in a r r e a r s f o r r e n t a l f o r t w o y e a r s th e

c o m p a n i e s n o w m e m b e r s o f t h e C l e a r in g H o u s e , h e ld a t th e
of

Its

th o se o u tlin e d b y

w ith in

it h a s t h e

rig h t to

th e t h i r t y d a y s a l lo w e d
m ay

e x e r c ise

th ir ty

d a y s fro m

p roceed

to

h a s e x p ire d

it s p r i v il e g e

of

o p e n in g

t h a t if

th e d a te o f

open
th e

p e rio d ,

th e s a m e .

s a fe -d e p o s it
th e

t h e p r e s e n c e o f a n o t a r y p u b li c a n d it s P r e s i d e n t ,

box

in

or S ecre­

t a r y a n d T r e a s u r e r , a n d a f t e r in v e n t o r i n g i t s c o n t e n t s , s e a l
and

tr a n s fe r

th e

sam e,

in

a

package

p r o p e r ly

m ark ed ,

to

o n e o f i t s g e n e r a l s a f e s , w h e r e it is t o r e m a in f o r t w o y e a r s

J uly 1 1911.]
lo n g e r ,

THE CHRONICLE

u n le ss s o o n e r

rem oved

by

th e

ow n er.

W ith in

te n

d a y s a f t e r t h e o p e n i n g o f t h e s a f e t h e h o ld e r is t o b e n o t ifie d
o f t h e a c t i o n , a n d a d v i s e d t h a t it s c o n t e n t s w ill b e k e p t , a t
h is e x p e n s e , fo r th e tw o y e a r s in d ic a t e d .

concerns which desire to float their paper, and of providing a proper
auditing of the statements furnished b y such concerns. W e would also
ad vocate that the council furnish a list of chartered accountants whose
certificates m ay be accepted with confidence by the bankers of M innesota.”

A t a n y tim e a fte r

t h e m a i l i n g o f s u c h n o t i c e , a n d b e fo r e t h e e x p i r a t i o n o f t h e
t w o y e a r s , t h e h o l d e r m a y c a ll f o r t h e d e l i v e r y o f t h e c o n ­

15

The

b a n k e r s a lso a p p r o v e d

su g g e ste d

b y Sen.

A ld r ic h ,

th e

as

p la n

o f curren cy

am ended

by

th e

re fo rm

C u rren cy

C o m m is s io n o f th e A m e r ic a n B a n k e r s ’ A s s o c ia tio n , b u t w e n t

t e n t s o f t h e s a f e “ u p o n t h e p a y m e n t o f a ll r e n t a l s d u e a t t h e

fu r th e r , a n d

tim e

t h e r e s t r i c t i o n s u n d e r t h e F e d e r a l la w r e g a r d i n g t h e lo a n i n g

of

th e

o p e n in g

o p e n in g su ch b o x ,
h is

c e r tific a te

of

such

s a fe

or b o x ,

and

th e

cost of

t h e f e e s o f t h e n o t a r y p u b l i c f o r is s u in g

th e re o n ,

and

c h a r g e s a c c r u in g d u r in g

th e

paym ent

th e p e r io d

su ch

of

a ll

fu rth e r

co n te n ts

s h a ll

m a i n in t h e g e n e r a l s a f e o r b o x o f s u c h c o r p o r a t i o n .”
th e

tw o y e a r s ’

m u st

g iv e

tim e

th e

h a s e la p s e d

h o ld e r

th ir ty

th e

s a fe -d e p o s it

d ays’

to d is p o s e o f th e c o n t e n t s , a n d

n o tic e

of

re­

W hen

com pany

it s

in te n tio n

n o tic e o f th e in te n d e d

s a le

m u s t b e p u b l i s h e d o n c e , w i t h i n t e n d a y s p r i o r t h e r e t o , in a
n e w s p a p e r p u b li s h e d in a p la c e w h e r e t h e s a le is t o b e h e l d .
F rom

t h e p r o c e e d s t h e s a f e - d e p o s i t c o m p a n y m a y d e d u c t a ll

re n ta l
th e

and

o th e r

b a la n c e ,

r e a s o n a b le

if a n y

charges

r e m a in s ,

is

to

w h ic h

be

have

tu rn ed

accru ed ;

over

w it h i n

t h ir t y d a y s a ft e r th e r e c e ip t o f th e s a m e t o th e C it y T r e a s u r e r

of

p la c e d

m on ey on

fa r m

th e m s e lv e s o n re c o r d a s fe e lin g k e e n ly
m o rtg a g e s.

T h e a p p o in tm e n t o f

a com ­

m i t t e e o f t h r e e w a s a c c o r d i n g l y a u t h o r i z e d t o c o n f e r w i t h lik e
c o m m it t e e s fr o m o th e r S t a t e s w ith th e v ie w to s e c u r in g s o m e
c o n c e rte d

a c tio n

th is s it u a t i o n .

am ong

t h e b a n k e r s in a n e f f o r t t o r e li e v e

I n a r e s o lu tio n b e a r in g o n th e d e v e lo p m e n t

o f a g r i c u lt u r a l i n t e r e s t s , t h e C h a i r m a n o f t h e C o m m i t t e e o n
A g r ic u ltu r a l
c a ll
of

a

E d u c a tio n

c o n fe r e n c e

I llin o is ,

O regon ,

of

and

W is c o n s in ,

Id a h o ,

D e v e l o p m e n t is i n s t r u c t e d

sim ila r

c o m m itte e s

N o r th

W a s h in g to n

a p p o in t su c h c o m m itte e s ,

D a k o ta ,

and

w ith

su ch

th e

fro m

th e

N eb rask a,

“ to

S ta tes

K an sas,

o th e r S ta te s a s m a y

v ie w

o f c o -o p e r a tin g

in

th e ir e ffo r ts to s e c u re m o r e e x t e n d e d a n d e ffic ie n t e d u c a tio n
in a g r i c u l t u r e , s a i d c o n f e r e n c e t o b e h e ld

in

th e

T w in

C ity

o r C h a m b e r l a i n , o r if t h e r e b e n e i t h e r o f t h e s e , t h e T r e a s ­

s o m e t i m e in O c t o b e r 1 9 1 1 . ”

u rer

a jo in t c o n v e n t io n w ith th e b a n k e r s o f th e n e ig h b o r in g S t a t e s

of

th e

cou n ty

w h ere

th e

s a le

is h e l d .

Such

b a la n c e

A s a r e s u lt o f a s u g g e s tio n t h a t

m u s t r e m a i n in t h e p o s s e s s i o n o f s u c h o f f i c e r f o r t e n y e a r s ,

b e h e ld , th e b a n k in g o r g a n iz a tio n s o f W is c o n s in , I o w a , N o r th

a n d if u n c l a i m e d a t t h e e n d o f t h a t t i m e , is t h e n t r a n s f e r r e d

a n d S o u t h D a k o t a h a v e b e e n i n v i t e d t o p a r t i c i p a t e w it h t h e

to

th e

general

fu n d s

of

th e

c ity

or

c o u n ty .

D o c u m e n ts,

M in n e s o ta B a n k e r s

A s s o c i a t i o n in i t s n e x t a n n u a l c o n f e r e n c e ,

l e t t e r s o r o t h e r p a p e r s o f a p r i v a t e n a t u r e a r c t o b e r e t a in e d

and

b y th e s a fe -d e p o s it c o m p a n y fo r te n y e a r s fr o m

th e tim e o f

u p t h e m a t t e r w i t h t h e S e c r e t a r ie s o f t h e s e v e r a l S t a t e s .

th e

w ith in

r e s o l u t io n in w h ic h it is r e c o r d e d t h a t t h e r e la t i o n s b e t w e e n

o p e n in g

tim e

m ay

of

be

th e

box,

d e stro y e d

and
at

u n le s s

th e

e x p ira tio n

U n d e r th e o l d l a w , t h e s a f e - d e p o s i t
w a i t u n t il
r e m a in e d
and

th e

re n ta l

u n p a id

fo r

upon

a c tio n to th e h o ld e r .

of

g iv e

th a t

(in s te a d

it w a s p e r m i t t e d
to

fo r

th is

p e rio d .

c o m p a n y w a s o b lig e d to

th r ee y e a r s

b e fo r e

it w a s c a lle d

c a lle d

s ix ty

to

d ays’

of

tw o )

open

a

had
sa fe ,

n o tic e o f su ch

N o p r o v i s i o n f o r t h e d i s p o s i t i o n o f th e

th e

— The

C o m m itte e

B an k ers’

on

T r a n s p o r ta tio n

A s s o c ia tio n

m a d e a r r a n g e m e n ts w ith th e N e w
s p e c ia l

t r a in

to

th e

annual
to

be

O r le a n s , L a .,

to 2 4 .

th e

th a t

Y ork

has

a g a in

h e ld

th e

of

th e

A m e r ic a n

p resen t y e a r

in

N ew

T h e tr a in s th is y e a r , w e a rc

a d v i s e d , w ill e x c e l t h e m a g n i f i c e n t e q u i p m e n t f u r n i s h e d la s t
y e a r o n t h e m e m o r a b l e t o u r o f o v e r e i g h t t h o u s a n d m ile s to
Los

A n g e le s

w ill

b e g iv e n ,

and

th e

th e

P a c i fi c

f ir s t t r a in

C o a st.

A

c h o ic e

of

ro u te s

r u n n in g b y w a y o f N a s h v ille ,

s o a s t o a c c e p t t h e c o r d i a l i n v i t a t i o n w h ic h h a s b e e n e x t e n d e d
by

th e

N a s h v ille

C le a r in g -H o u s e

A s s o c ia tio n .

The

re tu r n

t r i p w ill b e m a d e b y w a y o f C h a t t a n o o g a , p e r m i t t i n g a v i s i t
to th e h is to r ic a l L o o k o u t M o u n t a in a n d C h ic k a m a u g a P a r k .
An

a ttr a c tiv e

s id e

t r ip

C a n a l, le a v in g N e w
U n ite d

F r u it

has been

arranged

to

th e

Panam a

O r le a n s v i a t h e p a l a t i a l s t e a m e r s o f th e

Co.

A p p lic a tio n s

fo r

r e s e r v a tio n s

on

of

th e

S ta te

and

th e

su re ty

c o m p a n ie s

to ta k e
A

do

not

s a t is fa c t o r y p r o v id e s fo r th e c r e a tio n

o f a c o m m i t t e e o f th r e e to in v e s tig a te th e c o n d itio n s fo r th e
p u rpose
of

th e

of

s u g g e s tin g

A s s o c ia tio n

im p r o v e m e n ts .

D.

is

S.

N a tio n a l G e r m a n -A m e r ic a n
— Bank

N ew

it

Y o r k C e n tr a l L in e s fo r a

c o n v e n tio n

B a n k e r s ’ A s s o c ia tio n ,
N o v . 21

of

announces

banks

a p p e a r to b e a lto g e th e r

c o n t e n t s w a s c o n t a i n e d in t h e la w p r e v i o u s l y in f o r c e .

S ta te

th e S e c r e ta r y o f th e la t t e r h a s b e e n d e le g a te d

C u lv e r ,

The

new

P re sid e n t

V ic e -P r e s id e n t

of

th e

o f O k la h o m a

has

B a n k o f S t . P a u l.

C o m m is s io n e r J .

D.

L a n k fo rd

is s u e d a n o t i c e a n n o u n c i n g t h a t a f t e r J u l y 2 0 1 n a t i o n a l b a n k s
in O k l a h o m a w h ic h

r e c e n tly c h a n g e d fr o m S t a t e in s t it u t io n s

a n d h a v e fa ile d to p a y th e a s s e s s m e n t

l e v i e d in M a r c h w ill

n o t b e c o n tin u e d as re se rv e a g e n ts fo r O k la h o m a S ta t e b a n k s .
H is a n n o u n c e m e n t s a y s :

Y ou arc withholding funds which rightfully belong to the State bankers
of Oklahoma, and this Is to notify you that on and after July 20 1911 your
bank will be disapproved as a depositary for State banks.
This conclusion Is reached after mature deliberation and for the reason
that you refused paying the 1% em ergency assessment which you owe, and
which Is just as much an obligation, both legally and m orally, as you or
any one else could assume.
Y ou have sought, It seems, not only to evade the law, but to embarrass
this Department and the State Administration b y Ignoring the assessment
m ade, and you certainly could not expect me to pursue any other course
than above outlined.
I he action I propose to take Is not In a spirit o f revenge but In the Interest
of Justice and right. So far as this office is concerned, the State laws per­
taining to banks and banking shall be upheld and enforced.
— A

th e

r e s o lu tio n a p p r o v in g

th e A ld r ic h

c u r r e n c y p la n

w as

“ s p e c i a l ” s h o u ld b e s e n t t o C h a r le s E l l i o t W a r r e n , C h a i r m a n

a d o p t e d b y t h e C a lif o r n ia B a n k e r s ’ A s s o c i a t i o n a t i t s m e e t ­

o f th e T r a n s p o r t a t io n C o m m it t e e , c a re th e L in c o ln N a t io n a l

in g o n

B a n k , o r to a n y o th e r m e m b e r o f th e c o m m it t e e .

F r a n c is c o , fo r s e v e n te e n y e a r s S e c r e ta r y o f th e A s s o c ia t io n ,

— T he N ew

Y ork

B a n k e r s ’ A s s o c ia t io n , b e fo r e c o n c lu d in g

th e

15 th ,

1 6 th a n d

1 7 th

u lt.

R.

M.

W e lc h o f S a n

r e t ir e d f r o m t h e o f f ic e a t t h e l a t e c o n v e n t i o n , a n d t h e s e r v i c e s

i t s a n n u a l s e s s io n a t M a n h a t t a n B e a c h l a s t F r i d a y , a d o p t e d

r e n d e r e d b y h i m w e r e g i v e n f i t t i n g r e c o g n i t i o n in r e s o l u t i o n s

t h e f o l l o w i n g r e s o l u t i o n , i n t r o d u c e d b y L e d y a r d C o g s w e ll J r .,

passed

V ic e -P r e s id e n t
A lb a n y ,

of

th e

a d v o c a tin g

a m e n d in g

th e

N ew

th e

Y ork

S ta te

passage

in h e r it a n c e

ta x

of

la w

N a tio n a l

th e

p e n d in g

o f th e

Bank

at

m easu res

S ta te:

"R esolved , That we, the members of the New Y ork State Hankers’ Asso­
ciation, In convention assembled, do hereby heartily Indorse the bills Intro­
duced by State Senator Ilarte, known as Senate bills Nos. O il and 912,
which amend the present Inheritance tax law o f this State, a measure
which has greatly Injured the business of this State by driving from Its
borders a large amount of capital and securities, and we urge the Legisla­
ture Immediately to pass the said bills, believing them to be fair. Just and
well designed to protect the Interests of all the citizens o f the State.”
The

b an k ers

C o m m itte e
A ld r ic h

on

p la n

a lso

in d o r s e d

R e s o lu t io n s

of

cu rren cy

w h ic h

w as

r e c o m m e n d a tio n
th e

en a ctm e n t

of

th e

of

th e

le g is la t io n .

— T h e 1 9 1 1 c o n v e n tio n o f
c ia t io n ,

th e

u r g in g

th e

brou gh t

to

a

c lo s e

B an k ers’
at

A sso­

B e m id ji

la s t

w e e k , w a s m a d e e s p e c ia lly n o ta b le b y r e a so n o f th e a d o p t io n
of

several

of

th e se

im p o r t a n t

r e -a f f i r m e d

r e s o lu tio n s .
it s

m e n tio n e d

The

r e c o m m e n d a tio n

A s s o c ia tio n
of

in

la s t y e a r

one

th e

m em b ers.

o th e r
in

our

of

ehe

is s u e s

/xi%

s a v in g s
of

th e

banks

p ast

of

tw o

th is

c ity

not

w eeks

have

an­

nounced

th e 3

ended.

W e b r i n g t o g e t h e r a l i s t o f t h o s e o f w h ic h w e h a v e

k n o w le d g e

now

r a te o f in te r e s t fo r th e s ix

p a y in g

th e

Sy2%

jiciuii iui oavings.
Bowery Savings Bank,
Citizens’ Savings Bank,
Dry Dock Savings Institution,
Empire City Savings Bank,
Franklin Savings Bank,
Harlem Savings Bank,

m o n th s ju s t

ra te :

luiiiaii o a v iiig s

Dank,

Irving Savings Institution,
Manhattan Savings Institution,
North River Savings Bank,
Union Dime Savings Bank,
Union Square Savings Bank,
United States Savings Bank.

ri h e G r e e n w ic h S a v i n g s B a n k c o n t i n u e s it s p o l i c y o f p a y i n g
4%

M in n e s o ta

by

— Several

o n a c c o u n t s u p to S I , 0 0 0 a n d

3 lA %

o n a m o u n t s in e x c e s s

of th a t a m o u n t.
^ The

4%

S a v in g s ,
\ork

ra te

th e

is

m a in t a in e d

E m ig r a n t

by

In d u stria l

th e

S e a m a n ’s

S a v in g s

S a v in g s B a n k , th e B r o a d w a y S a v in g s

Bank,

Bank
th e

fo r
N ew

In s t itu tio n , th e

w it h

E a s t R iv e r S a v in g s I n s t it u t i o n , th e E x c e ls io r S a v in g s B a n k ,

r e g a rd to m o r e e ffic ie n t s a fe g u a r d s fo r c o m m e r c ia l p a p e r , a s
fo llo w s :

t h e M a i d e n L a n e S a v i n g s B a n k , t h e W e s t S id e S a v i n g s B a n k

"R esolved , That we reaffirm our recom m endation of last year that further
safeguards be thrown around the Issuance of what Is com m only known as
commercial paper; that we renew our suggestion that our members coniine
their purchases of notes to those Issued by concerns which provide signed
statements, certified to by regular chartered accounts, and, believing
that It Is both practicable and desirable that all such paper be registered, we
ask the Executive Council to .arrange a system of registering with som e re­
sponsible trust com pany or other approved agency the notes of those




th e G e r m a n S a v in g s B a n k , th e M e tr o p o lita n S a v in g s
and

th e

N one

Bank"

B r o n x S a v in g s B a n k .
of

th e

d e p a rtu re fro m

B o o k ly n
4% ,

w h ic h

s a v in g s

banks

has been

has

announced

a

t h e r a t e h e r e t o f o r e in

f o r c e a m o n g a ll t h e i n s t i t u t i o n s o f t h a t B o r o u g h .
I h e p la n s o f th e N a tio n a l C it y

B a n k w it h r e s p e c t t o t h e

c r e a t i o n o f a s e c u r i t y c o m p a n y w h ic h is t o b e a l lie d w it h i t

The
t o o k d e f in i t e f o r m

th is w e e k .

A s in d ic a t e d

in o u r i t e m o f a

40%

th e d iv id e n d

t o b e p a y a b l e J u ly

w as

se c u r ity

c o m p a n y ."

T h ere are

to b e

n o se p a ra te

The m ovem ent

in c o r p o r a tio n ,

under

pany,

w as

Q fo f o

vpsforr1n,V

announced

— C o n tra ry
C om pany of
be

th e

e re c te d

nam e

as

of

th e

a u th o r iz e d

by

th e

___g tiU
m e e tin g

1910.

th a t th e

been

on

a

dem and

T h is

in s titu t io n

m ade

by
to

n o te

c e rta in

appear

to

a g re e m e n t.

had

to

w as

of

th e

it w a s

lia b ility fo r

in d ic tm e n t,

N o rth e rn
w h ic h

c o m p a n y ’s

E x -P r e s id e n t

th e

no

th e

th e

th e

rep o rt

sta te m e n t,

c o lla te r a l,

in

c o n v ic te d

th e

Bank
lo a n ,

it

is

as

a

R e ic h m a n n

p e n ite n tia r y

fo r

it
fo r

report
fo u r

w as

and

___T h e

om

S e c re ta ry

th e

a d jo u r n m e n t

N in e te e n th

d e fe r r e d th is w e e k fr o m

s

i y

a n o th e r
of

is a n n o u n c e d

W ard

Bank

of

of

a-

th e a n n u a l

th is c it y ,

w h ic h

h a s b e e n p o s t p o n e d f r o m t i m e t o t i m e s in c e J a n u a r y .

p r o p o s itio n

I t w as

J u n e 2 7 to J u ly 2 7 .

to

in c r e a s e

N a tio n a l B a n k o f B r o o k ly n

of

th e

c a p ita l o f

B orou gh

fro m

th e

N assau

$ 7 5 0 ,0 0 0

to $ 1 ,­

0 0 0 , 0 0 0 , r e fe r r e d t o in o u r is s u e o f l a s t S a t u r d a y , w a s r a t ifie d

to

its

o r ig i n a l

p la n s ,

th e

G u a r a n ty

by

T ru st

B roadw ay

s t o r i e s in h e i g h t .

and

L ib e r ty

S tre e t,

w ill

be

M onday

la s t ,

th e

2 G th u l t .

W hen

a m e m b e r o f th e N e w Y o r k C le a r in g -H o u s e A s s o c ia t io n .

fo u r

As

p r e v i o u s l y s t a t e d , t h e a d d i t i o n a l s t o c k is o f f e r e d t o t h e s h a r e ­

T h e s u g g e s t i o n s a t fir s t e n t e r t a i n e d w e re

fo r a m o n u m e n ta l s t r u c t u r e .

th e s to c k h o ld e r s o n

i t s n e w $ 1 , 0 0 0 , 0 0 0 c a p it a l is a v a i l a b l e t h e b a n k w ill b e c o m e

t h i s c i t y h a s d e c i d e d t h a t it s n e w b u i l d i n g , t o
at

31

has

in v o lv e d

h a lf m o n t h s .

o

an

N a tio n a

Aug.

se n te n c e d y e s te r d a y to

s h a r e h o ld e r s r e p r e s e n t in g c o n ­

s id e r a b ly m o r e th a n t w o -t h ir d s o f th e s t o c k o f th e

lie

th e

e s ta b lis h th e n e w c o m p a n y , P r e s id e n t Y a n d e r lip a n n o u n c e s ,
h a s a lr e a d y b e e n a p p r o v e d b y

li a b le

p a r tic ip a tio n

in te n tio n b e in g to s t a m p u p o n th e sh a r e s o f th e N a tio n a l C ity
B a n k e v i d c n c o o f t h e b e n e fi c ia l i n t e r e s t .

w h ic h

m o n e y , w h e re a s, a c c o rd in g

h e l d ,’ w a s

c e i-

new o r g a n i z a t i o n ,

tific a te s to re p r e se n t th e c a p ita l o f th e

d a te

$ 1 3 0 0 0 0 , secu red

is d e c la r e d

“ t o f a c i l i t a t e s t o c k h o ld e r s in a c q u i r i n g b e n e fi c ia l i n t e r e s t in
th e

of

b orrow ed

1 0 t o s to c k h o ld e r s o f

T h i s d i v i d e n d , i t is a n n o u n c e d ,

on

la s t M a r c h , a n d

c l a i m e d , in d i c a t e d

( n o t 2 5 % , a s a s lip o f t h e

p e n m a d e u s s t a t e l a s t w e e k ) o n t h e b a n k 's $ 2 5 , 0 0 0 , 0 0 0 c a p i ­

re c o r d J u ly 5 .

dow n

com pany

T o c a r r y o u t t h e p r o p o s e d s t e p t h e d ir e c t o r s o f t h e b a n k h a v e
d e c la r e d a c a s h d i v i d e n d o f

in d ic tm e n t

handed

w e e k a g o , t h e c o m p a n y is t o h a v e a c a p i t a l o f $ 1 0 , 0 0 0 , 0 0 0 .

ta l,

[VOL. L X X X X L I

THE CHRONICLE

16

h o ld e r s p r o r a t a a t p a r .

U n d e r t h e d e s ig n n o w a d o p t e d

— The

t w o o f t h e flo o r s w ill b e u t i l i z e d f o r t h e c o m p a n y ’s n e e d s , a n d

s to c k h o ld e r s

of

th e

A tla n tic

N a tio n a l

Bank

of

t h e o t h e r f lo o r s w ill b e r e n t e d t o t e n a n t s u n t il t h e r e q u i r e ­

P r o v i d e n c e v o t e d o n J u n e 2 8 t o in c r e a s e t h e c a p i t a l o f t h e i r

m en ts

in s titu t io n

o f th e

com pany

dem and

th e ir u se b y

it.

It

is a n ­

fro m

$ 2 2 5 ,0 0 0

to

$ 3 0 0 ,0 0 0 .

The

a d d itio n a l

the present s h a r e h o ld e r s

n o u n c e d t h a t a le a s e o f h a l f o f o n e o f t h e flo o r s o n t h e L i b e r t y

$ 7 5 , 0 0 0 c a p i t a l w ill b e o f f e r e d t o

S t r e e t s id e h a s a l r e a d y b e e n t a k e n b y t h e D o u g l a s

th e p r o p o r tio n o f o n e n e w sh a re fo r e v e r y th r e e a lr e a d y h e ld .

C h a r le s S . B r o w n C o . , w h i c h n o w
th e p re se n t b u ild in g .

R o b in s o n ,

— A u th o r ity

o c c u p i e s s i m i l a r s p a c e in

T h e s it e o f

th e p ro p o se d

T ru st

stru ctu re

___T h e

F ifth

A venue

Bank

of

th is c it y

135%

o u t o f t h e e a r n in g s o f

h o ld e r s o f re c o r d J u n e 3 0 .

h a s d e c la r e d

(p a r $ 1 0 0 )

th e

p a y a b le J u ly

Sachs

&

in c r e a s e t h e
fro m

c a p it a l

$ 2 0 0 ,0 0 0

th e s to c k h o ld e r s .

of

10% ,

p a y a b le

in

c o n ju n c tio n

w it h

— N ic h o la s

L ehm an

C o le m a n

w as

in g o f t h e d ir e c t o r s o n T u e s d a y .

i n P a r i s u n d e r t h e t i t le o f H e n r i H o e c h s t a e d t e r e t C i e .
w ill h a v e a c a p i t a l o f 5 , 0 0 0 , 0 0 0

fra n c s, an d

— A

th e

Leod

I t s c h ie f p u r p o s e w ill b e t o f a c i l i t a t e

s a i le d

and

Speyer

w ill p r o b a b l y

___A

on

W edn esday

a fte rn o o n o n

w ill v i s i t L o n d o n

and

in

M ay

1909,

d i v i d e n d t o t h e c r e d it o r s o f t h e

w as

g ra n te d

by

Judge

H and

o n th e

A t t h e t i m e o f t h e f a il u r e t h e li a b ili t ie s w e r e

A tla n ta

C h a r le s

W .

M orse

fro m

th e

F ed eral

p r is o n

m o t* p u n is h a b le
F ed eral

by

im p r is o n m e n t

m i s d e m e a n o r , w h ic h

at

h ard

w as

file d

on

th e

E xchange.

T h e f o r m e r , w h o is a s o n - i n - l a w o f J o h n W a n a -

a m o n t h a g o h e re sig n e d a s a m e m b e r o f th e G o v e r n in g C o m ­
m itte e o f th e E x c h a n g e .

at

bu t gave up

la b o r ,

th a t

p r i s o n is a p l a c e f o r h a r d l a b o r c o n v i c t s , a n d

H e w a s fo r m e r ly w ith D r e x e l & C o ,

th a t c o n n e c tio n

t o e n t e r b u s i n e s s fo r h u n s e

.

I t is s t a t e d t h a t t h e f ir m h a n d l e d o n l y h i g h - g r a d e s e c u r i t i e s ,

T h e p e t i t i o n , w e le a r n

t h a t M o rse w a s c o n v ic te d o f a

b a n k ru p tc y

m a k c r , h a d b e e n a m e m b e r o f t h e E x c h a n g e s in c e 1 8 9 9 . A b o u t

a n d d e a l t h e a v i l y in L e h i g h V a l l e y a n d

fr o m th e N e w Y o r k “ T r i b u n e ," w a s b a s e d o n tw o g r o u n d s —
^one

in

& C o ., m e m b e r s o f th e P h ila d e lp h ia S t o c k

M acLeod.

w a s d e n i e d b y J u d g e N e w m a n in t h e U n i t e d S t a t e s

D is tr ic t C o u rt a t A tla n ta o n J u n e 2 8 .

p e tit io n

T h e f ir m w a s c o m p o s e d o f N o r m a n M a c L e o d a n d M a l c o l m

e s ti­

— A n a p p l i c a t i o n f o r a w r it o f h a b e a s c o r p u s t o o b t a i n ^ t h e
of

v o lu n ta r y

A s s i s t a n t C a s h ie r o f

o f P h ila d e lp h ia a t a m e e t ­

also unfavorable market conditions, r e s t { “J ° St^ lr buslnesl I h c y
obliged to assume, they are no longer able to contlnuo their business. 1 hey
are adv sed that the interests of all concerned can best be protected b y
their voluntarily going into bankruptcy, and they are to-day filing a peti­
tion In the Bankruptcy C ourt, asking that they m ay be so adjudged.

m a te d a t $ 1 ,2 5 0 ,0 0 0 a n d th e a sse ts a t $ 3 5 0 ,0 0 0 .

r e le a s e

s to c k h o ld e r s o f

Norman MacLeod & Co. arc com pelled to announce that due to numer­
ous withdrawals b y their custom ers, thereby reducing their capital, and

th e C o n tin e n t,

c o m b i n e b u s i n e s s w i t h p le a s u r e .

m o tio n to p a y a 2 %

pended

1 to

r e g a rd in g th e s u s p e n s io n :

th e

N e w Y o r k S t o c k E x c h a n g e h o u s e o f T r a c y & C o . , w h ic h s u s ­
2 6 th u lt.

J u ly

^

s e m i­

T h e f o l l o w i n g s t a t e m e n t o n b e h a l f o f t h e fir m w a s g i v e n o u t

S3- •

W h i t e S t a r lin e r O l y m p i c f o r h i s u s u a l t h r e e - m o n t h s t r ip t o
M r.

it s in ­

2 6 t h u l t . b y t h e b a n k i n g a n d b r o k e r a g e f ir m o f N o r m a n M a c ­

w ill c o m ­

t h e p l a c i n g o f A m e r i c a n s e c u r i t ie s in P a r i s .

E urope.

W ith

T h e r e g u la r

a p p o in te d

s t a e d t e r o f P a r i s , p l a n t o e s t a b li s h a p r i v a t e b a n k i n g h o u s e

Speyer

been

record J u n e 2 6 , h a s b e e n d e c la r e d .

th e M a r k e t S tr e e t N a tio n a l B a n k

___ J a m e s

S ta tes

has

1 ,0 0 0 s h a ie s

w ill b e p u t o u t a t $ 5 0 0 p e r s h a r e .

a n n u a l d iv id e n d

L a s t y e a r a t t h i s t i m e t h e s p e c ia l

C o .,

m e n c e b u s in e s s A u g . 1 .

U n ite d

$ 3 0 0 ,0 0 0

T h e a d d itio n a l

B r o th e rs, K le in w o r t, S o n s & C o . o f L o n d o n a n d H e n ri H o e c h -

f ir m

o f th e
to

a n d u n d iv id e d p r o fits o f o v e r $ 1 0 0 ,0 0 0 .

1 to

d iv id e n d p a id w a s 1 3 0 % .
— G o ld m a n ,

to

B o sto n

c r e a s e d c a p i t a l , t h e c o m p a n y w ill h a v e a s u r p l u s o f $ 1 , 2 0 0 ,

a n d a s p e c ia l d i v i d e n d o f

1 9 1 0 , b o th

of

accord ed b y

m e a s u r e s 7 8 fe e t o n B r o a d w a y a n d 1 3 5 fe e t o n L ib e r ty S tr e e t.

r e g u la r q u a r t e r l y d i v i d e n d o f 2 5 %

Co.

in

is

th e
th a t

R e a d in g

m e n t o f i t s a f f a ir s file d o n T u e s d a y is r e p o r t e d
b ilitie s o f S I 1 8 2 ,1 7 3 a n d
S e

1 a b ilitie s

w i le a r n

sta te ­

to ta l a sse ts o f b u t $ 4 1 0 ,8 8 4 .

fr o m

Of

th e

“ L e d g e r ",

th e

u n secu red

o n ly

$ 2 4 8 ,2 6 3

b e in g

secu red

“

I t is s t a t e d , h o w e v e r , t h a t t h e b a n k s w h ic h a d v a n c e d la r g e

w as

c o n v ic te d

on

several

cou n ts,

th e

m a x im u m p e n a lty o n a n y o n e c o u n t b e in g te n y e a r s , w h e re a s

s u m s to

he

Leods

w as

d e n y in g

se n te n c e d
th e

to

p e titio n ,

f if t e e n

years.

Judge

N ew m an,

in

H o r a tio

s a id :

t think this sentence Is unquestionably good for ten years.
Whether It is
pood for fifteen years cannot be passed on at this tim e. I would unques­
tionably have no right now to lnterfero with the sentence even If It is for ten
vears ^1 do not believe that Morse’s status as a prisoner can be determined
unon a writ of habeas corpus, which, as presented in this case Is an antici­
patory petition. The writ of habeas corpus is to determine whether or not

t h j do^not ^see1h o w 'u p o n ^ ic li a petition the question of hard labor can be
fleJe?mined
I f how ever, 1 were to give a Judgment upon this question
I wouM say that the Atlanta penitentiary can be, used. for those sentenced
to imprisonment without hard labor. I am satlsfled that no lelief can
ranted at this tim e under this petition, and I shall bo compelled to deny
N o t i c e o f a n a p p e a l t o t h e U n i t e d S t a t e s C i r c u it C o u r t o f
A p p e a ls o f th e F ifth

— J o s e p h B . R e i c h m a n n , f o r m e r l y P r e s i d e n t o f t h e f a il e d
C a r n e g ie T r u s t C o . o f th is c it y , w a s fo u n d g u ilt y o n th e 2 8 t h
u lt . b y
w eeks

th e ju r y b e fo r e w h o m
of

th e

charge

of

he had been on

h a v in g

“ k n o w in g ly

t r ia l f o r t w o
con cu rred

in

m a k in g a n d p u b lis h in g ” a fa ls e r e p o r t o f th e c o m p a n y s c o n ­
d it io n

to

th e

B a n k in g

P re s id e n t o f th e




D e p a rtm e n t.

in s titu t io n

fro m

D ec.

M r.

R e ic h m a n n

1909

to

O c t.

w as
1910

G

temporary

a re f u lly p r o t e c t e d , r e la tiv e s o f th e M a c ­

gone

L lo y d ,

e x t e n s iv e ly
of

D rexel

r e c e iv e r fo r t h e

on

&

th e

C o .,

M acLeod

con cern ’s

who
fir m

w as

on

paper

a p p o in te d

M o n d a y , w as

n a m e d as c o -r e c e iv e r w it h W a lt e r P e n n S h ip le y o n T h u r s d a y ,
b u t l a t e r w i t h d r e w , l e a v i n g M r . S h i p l e y a s s o le r e c e i v e r .
— T h e c o m m it t e e r e p r e s e n tin g th e M a r y la n d B a n k e r s ’ A s ­
s o c i a t i o n , w h ic h w a s d e l e g a t e d l a s t y e a r t o i n q u ir e in t o t h e
q u e s t i o n o f in t e r e s t o n d e p o s i t s a n d t o r e c o m m e n d p l a n s f o r
th e a d o p t io n

of m ore

u n ifo r m

ra te s th r o u g h o u t

th e S t a t e ,

p r e s e n te d its fin d in g s to th e a s s o c ia tio n a t th e a n n u a l m e e t fa g rc c e a t, y i e l d a t D o o r P a r k .
p la n h a d b e e n r e a c h e d b y
lis h e d

C i r c u it h a s b e e n f i le d .

t h e ‘ fir m

h a v in g

$ 9 3 3 ,9 1 0 ,

lia ­

secon d

M orse

to

A

show

M o r s e s h o u l d , if c o n v i c t e d , b e h e ld in s o m e N e w Y o r k j a i ,
th a t

am ount

to

I t r e p o r te d th a t n o p ra ctic a l

w h ic h u n ifo r m it y c o u ld b e e s t a b ­

T h e c o m m i t t e e e x p r e s s e d th e o p in io n t h a t

in o r d e r

to b r in g th e m a t t e r to a d e fin ite a n d s a t is fa c t o r y c o n c lu s io n ,
i t w ill b e n e c e s s a r y f o r t h e b a n k i n g in s . t u t , o n s o f t h e S t a t e
t o f o r m t h e m s e l v e s i n t o g r o u p s c o n t r o l l e d b y lik e lo c a l c o n ­
d itio n s , a n d

by

fre e d isc u ssio n s a t

m e e t i n g s c a lle d

fo r th e

s p e c ia l p u r p o s e o f s t a t i n g r e a s o n s t h a t h a v e d e t e r m i n e d t h e
e x is tin g r a te s a n d m e t h o d s , a u n ifo r m p la n c o u ld b e a g r e e d
u p o n t h a t w o u l d g o v e r n a n d c o n t r o l l o c a l i t i e s .”

A

rc so lu -

J uly 1 1911.1

THE CHRONICLE

tio n to th is e n d , p r o v id in g fo r th e d iv is io n o f th e S t a t e in t o

s u r p lu s

and

d is t r ic ts a n d th e a p p o in t m e n t o f c o m m it t e e s in th e v a r io u s

$ 5 0 ,0 0 0

of

g r o u p s t o w o r k o u t t h e d e s ir e d r e s u l t s , w a s a d o p t e d .
e r ic k

E.

F a rn sw o rth ,

S e c re ta ry

of

th e

A m e r ic a n

F red­

B a n k ers’

A s s o c i a t i o n , in a d d r e s s i n g t h e M a r y l a n d b a n k e r s , s u g g e s t e d
th e a p p o in tm e n t b y
tio n

recom m en d ed

th a t

e ffo r ts b e m a d e t o b r in g th e tr u s t c o m p a n ie s o f th e c it y in to
th e

C l e a r in g

H ou se.

P roposed

changes

in

th e

M a r y la n d

a d v o c a t e d a t th e m e e tin g b y S t a t e B a n k C o m ­

m is s io n e r J . D u k e D o w n e s

w e re in d o r s e d b y

B an k ers’

w ill

A s s o c ia tio n ,

s e s s io n o f t h e

and

L e g is la tu r e .

be

th e M a r y la n d

s u b m itte d

at

th e

next

O n e o f th e a m e n d m e n ts u rg ed

fo r b y th e S t a t e b a n k s ; a n o th e r w o u ld v e s t th e B a n k C o m ­
m is s io n e r w ith
p ro p er

f u ll a u t h o r i t y

r e s tr ic tio n s ,

hazardou s

to

if

th e

to

fo u n d

p u b lic ,

c lo s e a n

in s o lv e n t,

in s t e a d

of

in s titu t io n

o r its

under

c o n tin u a n c e

r e q u ir in g

a s s e n tin g

a c t i o n b y t h e b o a r d o f d i r e c t o r s ; i t is a l s o r e c o m m e n d e d t h a t
t h e B a n k C o m m i s s i o n e r , u p o n c lo s i n g a b a n k , b e e m p o w e r e d
t o a c t a s p e r m a n e n t r e c e iv e r .

W a ld o N e w c o m e r , P r e sid e n t

o f th e

N a tio n a l E x c h a n g e

Bank

o f th e

B a n k e r s ’ A s s o c ia tio n fo r

o f B a l t i m o r e , is P r e s i d e n t
th e e n su in g y e a r .

c a p it a l

s t o c k is o f f e r e d

is

p r e v io u s ly $ 1 9 3 ,5 0 0 , a n d

d is tr ib u te d

b ecom es

am ong

e ffe c tiv e

th e

to -d a y

a ll

but

s t o c k h o ld e r s .

(J u ly

1 ).

The

a t w h ic h

th e

h a v in g se rv e d to a d d $ 5 0 ,0 0 0 to th e it e m .

— T h e c a p i t a l o f t h e S o u t h S id e S t a t e B a n k o f M i n n e a p o l i s
has

been

is s u e

in c r e a s e d

w as

fr o m

a u th o rize d

$ 7 5 ,0 0 0

on

M ay

b e c a m e e ffe c tiv e o n J u n e

1.

to

9,

$ 1 0 0 ,0 0 0 .

and

th e

The

e n la r g e d

new

c a p it a l

T h e s to c k w a s s o ld t o s h a r e ­

h o ld e r s o f r e c o r d o n a p r o r a t a b a s is a t p a r ( $ 1 0 0 p e r s h a r e ) ,
n o n e g o in g o n

th e o p e n

th e

d e p o sits

bank

had

m a rk e t.
of

In

$ 7 5 0 ,3 5 8

its J u n e

and

7 sta te m e n t

to ta l

resou rces o f

$ 9 1 0 ,5 1 8 .

b y C o m m i s s i o n e r D o w n j s is t h a t t r u s t c o m p a n i e s b e r e q u i r e d
t o m a i n t a i n t h e s i m e r e s e r v e o n d e m a n d d e p o s i t s a s is c a ll e d

new

p r o fits w e re
th is

s u r p lu s n o w s t a n d s a t $ 1 0 0 ,0 0 0 , th e p r e m iu m

th e B a lt im o r e C le a r in g -H o u s e A s s o c i a ­

o f a C le a r in g -H o u s e e x a m in e r , a n d

b a n k in g la w

The

17

— T h e m a n a g e m e n t o f th e B a n k o f I d a h o a t B o is e C i t y ,
I d a h o , h a s d e c i d e d t o in c r e a s e i t s c a p i t a l f r o m
$ 2 0 0 ,0 0 0
Bank.

and

to

B o th

change

p r o p o s itio n s

th e s t o c k h o ld e r s .
a b le

w ith

w h ic h
title s
been

its

it

o p e ra te s

o th e r

chosen

have

to

of

r e c e iv e d

m ake

th e

P re sid e n t

of

B u lle r h a v in g re tir e d f r o m

to th e

th a t th e

beca u se

banks

as

nam e

I t is s t a t e d

c o n v e r s io n

now

of

its

use

$ 1 0 0 ,0 0 0

P a c i fi c
th e

approval

in s titu tio n
o f th e

it s

s im ila r ity

c ity .

H .

B.

th e

is

nam e

of

of
un­

under
to

th e

E a stm a n

has

r e o r g a n iz e d

th e p r e s id e n c y .

to

N a tio n a l

bank,

R .

F.

T h e in s titu t io n

w a s e s t a b l i s h e d in 1 9 0 8 .

— T h e p r o p o s a l t o is s u e $ 2 0 0 , 0 0 0 o f n e w s t o c k , r a is in g t h e
c a p it a l o f th e P e o p le ’ s S a v in g s B a n k C o . o f C le v e la n d fr o m
$ 3 0 0 ,0 0 0

to

June 1 4 .

$ 5 0 0 ,0 0 0 ,

w a s r a t if ie d

by

th e

s to c k h o ld e r s o n

T h e a d d i t i o n a l s t o c k is o f f e r e d t o t h e s h a r e h o ld e r s

a t $ 1 9 0 per sh are.

on

Aug.

1 and

15%

on

th e

f ir s t o f . e a c h

su c c e e d in g

G u c k e n b e r g e r , P r e s id e n t o f th e A t la s N a tio n a l

B a n k o f C i n c i n n a t i , d ie d o n t h e 2 3 d u l t .
w as

fifty -fo u r

years

of age.

He

had

M r. G uckenberger

been

id e n t i f i e d

w ith

t h e A t l a s N a t i o n a l s in c e 1 8 9 0 , w h e n h e b e c a m e i t s C a s h ie r ;
in 1 8 9 3 h e a d v a n c e d

t o t h e o f f ic e o f

1 8 9 4 su cce ed ed to th e p re s id e n c y .

V ic e -P r e s id e n t

a n d in

H e h a d a l s o b e e n P r e s i­

d e n t o f th e C in c in n a ti C le a r in g -H o u s e A s s o c ia t io n , T r e a s u r e r
o f th e C in c in n a ti C h a m b e r o f C o m m e r c e a n d P r e s id e n t o f th e
C in c in n a ti

C r e d it

M e n 's

&

C o m m e r c ia l N a t io n a l B a n k o f C h ic a g o fr o m

to

$ 2 1 ,5 0 0 ,0 0 0

A u g . 1.
th e
of

under

w h ic h

H ib e r n ia n

d e p a rtm e n t
w ith

upon

by

th e

it

h a s arranged

B a n k in g

June

17.

An

to

A ss o c ia tio n ,
o f f ic ia l

a c q u ir e

m e n tio n e d

announcem ent

t h e s u b je c t s t a t e s t h a t th e C o n tin e n ta l

N a t i o n a l B a n k “ is t o d e c la r e a n d p a y
o u t o f it s s u r p lu s a n d

u n d iv id e d

F ederal

N a­

— A c t i o n o n t h e q u e s t i o n o f i n c r e a s in g t h e c a p i t a l a n d s u r ­
w ill b e t a k e n b y t h e s t o c k h o l d e r s o n J u l y 3 1 .

T h e in s t it u ­

A t t h e f o r t h c o m i n g m e e t i n g t h e d i r e c t o r a t e a l s o w ill b e e n ­
l a r g e d , f o u r n e w d i r e c t o r s in c r e a s i n g i t f r o m n i n e t o t h i r t e e n
m em bers.
M.

T h ose

&

are

to

be

P en ro se.

u se.

At

a

m e e tin g

of

c o m m itte e

th e

w as

T h e d iv id e n d

so

board

d ir e c to r s

on

th e

a u th o rize d

to

p rep are

are

21st

u lt .

th e

p la n s

fo r

th e s a m e a t o n c e .
— K a n s a s C i t y , M o . , h a s a n e w b a n k i n g i n s t i t u t i o n in t h e
C o m m o n w e a lth

N a tio n a l

on M on d ay, June 2 6 .
by

th e

Bank,

w h ic h

th e p r e sid e n c y

T reasu ry

of

opened

fo r b u s in e s s

T h e a p p lic a tio n to o r g a n ize w a s a p ­

c h a r t e r w a s is s u e d o n t h e 2 4 t h u l t .

d e a lin g

th e

1 7 t h a n d C a lif o r n ia s t r e e t s ,

proved

C o m m e r c ia l

to

o n w h ic h s i t e i t w ill e r e c t a n e w b a n k i n g h o u s e f o r i t s o w n

in

th is

added

S ev era l m o n th s a g o th e c o m p a n y o b ta in e d a 9 9 -

c o n tr o l

a d iv id e n d o f 7 j /£ %

p r o fits .

who

D . T h a tc h e r, J oh n H . P o rte r, J o h n E v a n s a n d S p en cer

y e a r le a s e o f p r o p e r t y l o c a t e d a t

$ 2 0 ,0 0 0 ,0 0 0

sto c k h o ld e r s o n

I n is s u in g t h e a d d i t i o n a l s t o c k , t h e b a n k w ill p e r f e c t

p la n s
th e

a c te d

th e

p lu s o f th e In t e r n a tio n a l T r u s t C o . o f D e n v e r to $ 1 ,0 0 0 ,0 0 0

e x e c u tiv e

A ss o c ia tio n .

— T h e m a t t e r o f i n c r e a s in g t h e c a p i t a l o f t h e C o n t i n e n t a l
w ill b e

to c o n v e r t in to

B a n k , w ith $ 2 0 0 ,0 0 0 c a p it a l.

tio n a t p r e s e n t h a s a c a p it a l a n d s u r p lu s o f $ 2 5 0 ,0 0 0 e a c h .

m o n t h u p t o a n d in c lu d in g J a n . 1 1 9 1 2 .
— G eorge

tio n a l

T h e t i m e f o r r e c e i v i n g s u b s c r i p t i o n s w ill

e x p i r e J u l y 1 5 ; t h e s t o c k is m a d e p a y a b l e in i n s t a l l m e n t s o f
25%

T h e F e d e ra l S ta t e & S a v in g s B a n k o f D e n v e r h a s m a d e
a p p lic a tio n fo r p e r m is s io n

G.

M.

D e p a rtm e n t

on

M ay

5,

and

th e

T h e i n s t i t u t i o n is u n d e r

S m ith .

M r.

S m ith

w a s fo r m e r ly

P r e sid e n t o f th e C e n tra l N a tio n a l B a n k o f K a n s a s C it y , a n d
l a t e r b e c a m e P r e s i d e n t o f t h e N a t i o n a l R e s e r v e B a n k , w h ic h
ab sorbed

t h e C e n t r a l N a t i o n a l in

th e

it s c a p it a l s t o c k .

a s s is te d b y J . E . H u t t , V ic e -P r e s id e n t ; L . C . S m it h , C a s h ie r ,

m i t t e e w h ic h w ill e x c h a n g e t h e m , s h a r e f o r s h a r e , w i t h

th e

o w n e r s o f th e 1 5 ,0 0 0 s h a r e s o f s t o c k o f th e H ib e r n ia n B a n k ­

of

th e

Bank

C o m m o n w e a lth

a n d E . J . S h o r t , A s s i s t a n t C a s h ie r .

i n g A s s o c i a t i o n , so t h a t t h e l a t t e r w ill b e c o m e o w n e r s o f a n

1.

N a tio n a l

he

In
is

T h e b a n k h a s a c a p it a l

— In

h is a d d r e ss a s

P re sid e n t

at

th e

N o r th

tio n a l B a n k .”

W i l k i n s o n , C a s h ie r o f t h e M e r c h a n t s ’

r e s o u r c e s o f th e C o n tin e n ta l

M ay

o f $ 2 5 0 ,0 0 0 a n d a s u r p lu s o f $ 5 0 ,0 0 0 .

e q u a l a m o u n t o f s to c k o f th e C o n tin e n ta l & C o m m e r c ia l N a ­
U n d e r th e J u n e 7 s ta te m e n t, th e c o m b in e d

on

H e r e t ir e d

r a t e o f $ 1 0 0 p e r s h a r e , f o r s a id in c r e a s e o f 1 5 , 0 0 0 s h a r e s o f

m anagem ent

R eserve

1910.

a s h e a d o f th e

T h e s e s h a r e s a r e t o b e is s u e d t o a c o m ­

N a tio n a l

M arch

d e c la r e d is t o b e a p p l i e d t o w a r d s t h e p a y m e n t in f u l l , a t t h e

C a r o li n a

B an k ers’

A s s o c ia tio n

c o n v e n tio n

on
&

June

22,

of
W .

th e
C.

F a rm e rs’ N a tio n a l

& C o m m e r c ia l N a t io n a l B a n k ,

B a n k o f C h a r l o t t e , N . C . , n o t e d t h e f a i l u r e , a t t h e l a s t s e s s io n

th e C o n tin e n ta l & C o m m e r c ia l T r u s t & S a v in g s B a n k a n d th e

Of t h e L e g i s l a t u r e , o f a b ill r e m o d e l i n g t h e b a n k i n g l a w s Of

H ib e r n ia n

B a n k in g A s s o c ia tio n e x c e e d e d

C o n tin e n ta l

&

$ 2 1 5 ,2 5 4 ,0 6 8 ,

C o m m e r c ia l

N a tio n a l

th e C o n tin e n ta l

&

$ 2 6 8 ,0 0 0 ,0 0 0 ,

h a v in g

th e

resou rces, of

C o m m e r c ia l T r u s t

&

Sav­

th e

S ta te .

cern

tio n $ 2 9 ,1 4 1 ,9 9 0 .

m en ded

r e c e n tly a c c e p te d

th e p la n s s u b m it t e d

by

D.

II.

B u rn h am

W ilk in s o n

advanced

th e

o p in io n

th e

banks
th a t a

o p e r a tin g

under

c o m m itte e

S ta te

c h a rte rs, h e

o n th e b lo c k b o u n d e d b y L a S a lle , A d a m s a n d Q u in c y s tr e e ts

la w s a n d s u b m i t i t a t t h e n e x t c o n v e n t i o n .

a n d F ifth A v e .

on u n ifo rm

T h e b a n k w ill o c c u p y

recom ­

s u c h b a n k s , a n d in a d d i t i o n t h e C h a i r m a n o f t h e C o m m i t t e e
on

s t o r i e s h i g h a n d is t o c o s t $ 6 , 0 0 0 , 0 0 0 .

th e

c o n s is tin g e n tir e ly o f o ffic e r s o f

& C o . , a r c h i t e c t s , f o r t h e n e w b u i l d i n g w h ic h i t i s t o e r e c t
T h e s t r u c t u r e is t o b e e i g h t e e n o r n i n e t e e n

th a t

li n a b a n k i n g r e g u l a t i o n s , a n d a s t h e r e v i s i o n w ill l a r g e l y c o n ­

in g s B a n k $ 2 4 ,3 9 7 ,4 2 7 a n d th e H ib e r n ia n B a n k in g A s s o c ia ­
T h e C o n tin e n ta l & C o m m e r c ia l N a t io n a l

M r.

t i m e h a d c o m e w h e n it is a d v i s a b l e t o r e v i s e t h e N o r t h C a r o ­

L e g is la tio n , b e a p p o in te d

t o p r e p a r e a b ill r e v i s i n g t h e
T h e c o m m itte e

b i ll s o f l a d i n g r e p o r t e d t h e d e f e a t a t t h e r e c e n t

le g i s l a t i v e s e s s io n o f t h e A c t p r o v i d i n g f o r u n i f o r m

b ills o f

h a l f o f t h e f ir s t f l o o r , w h ile t h e T r u s t & S a v i n g s B a n k w ill b e

la d in g .

E x -C o n g r e s s m a n

w as

d o m ic ile d o n th e s e c o n d flo o r .

sp ea k er

at

T h e b a n k h o p e s t o o p e n in

i t s n e w lo c a tio n o n M a y 1 1 9 1 4 .

to w a rd

— E r n e s t C . G lc n n y h a s b e e n a p p o in te d

T ru st

O ffic e r o f

th e F o r t D e a r b o r n T r u s t & S a v in g s B a n k o f C h ic a g o .

1 4 th

in s t .,

a rra n g e m e n ts

S ta te

Bank

have been m ad e.

fo r

i n c r e a s in g

o f C h ic a g o f r o m

th e

c a p it a l

$ 2 0 0 ,0 0 0

to

of

c o n v e n tio n ,

th e “ P ro p o se d

in w h ic h

h e o u tlin e d

a d v o c a te d b y

— U n d e r th e a u t h o r it y o f its s to c k h o ld e r s , r e c o r d e d o n
K asp ar

th e

E d w ard
h is

B.

rem ark s

B a n k in g a n d
th e

V r e e la n d
b e in g

a

d ir e c te d

C u r r e n c y L e g i s l a t i o n ,”

s a lie n t fe a tu r e s o f th e le g is la t io n

S e n a to r A ld r ic h .

C a ld w e ll

H a r d y , P re sid e n t

th e

o f t h e N o r f o l k N a t i o n a l B a n k o f N o r f o l k , V a . , in a n a d d r e s s

th e

o f m u c h fo r c e , d e p ic te d

$ 4 0 0 ,0 0 0

T h e n e w s to c k h a s b e e n o ffe re d to s h a r e ­

— G eorge

W .

Young,

“ The N ew
a

S o u t h .”

V ic e -P r e s id e n t

of

th e

C a n a l-

L o u i s i a n a B a n k & T r u s t C o . o f N e w O r l e a n s , d ie d o n J u n e 2 2

h o ld e r s a t $ 1 2 5 p e r s h a r e , b u t a n e x t r a d i v i d e n d o f a l i t t l e

a f t e r a n illn e s s o f t w o y e a r s .

over

t i o n in 1 9 0 5 o f t h e C a n a l B a n k & T r u s t C o . w i t h t h e P r o v i ­

$70

per

sh are

d e c la r e d

out

of

th e

s u r p lu s

and

A t th e tim e o f th e c o n s o lid a ­

p r o fits , a n d a p p lie d a s p a r t p a y m e n t o f th e n e w is s u e , r e d u c e s

dent B ank

th e

th e la t t e r , a n d w a s m a d e V ic e -P r e s id e n t o f th e c o n s o lid a te d

a c tu a l

cost

to




b e tw e e n

$50

and

$55.

The

c o m b in e d

& T r u s t C o ., M r . Y o u n g h a d b e e n P r e s id e n t o f

THE CHRONICLE

18

o r g a n iz a t io n , in c h a r g e o f th e s a v in g s a n d tr u s t d e p a r t m e n t s .
H e w a s in h i s s i x t y - t h i r d y e a r .

Eleven
Months.

— T h e C r o w n C ity N a tio n a l B a n k o f P a s a d e n a , th e C r o w n
C ity S a v in g s B a n k a n d
P asad en a
N a tio n a l

have
Bank

ta k e s

&

th e A m e r ic a n B a n k

e n te re d

in to

over

a rra n g e m e n ts

th e

c o m m e r c ia l

T ru st C o. of
w h ereby

b u s in e s s

o th e r tw o in s titu t io n s , a n d th e A m e r ic a n B a n k

th e

of

th e

& T ru st Co.

w ill o p e r a t e t h e s a v i n g s b u s i n e s s .
— T h e d ir e c to r s o f th e D o m in io n B a n k , h e a d o ffic e T o r o n t o ,
h a v e d e c i d e d t o in c r e a s e t h e p a i d - i n c a p i t a l f r o m $ 4 , 0 0 0 , 0 0 0
to $ 5 ,0 0 0 ,0 0 0 .
p rop osed

T h e a u th o r iz e d

c a p i t a l is $ 1 0 , 0 0 0 , 0 0 0 .

is s u e w ill b e a l l o t t e d

to

The

fro m

$ 5 ,0 0 0 ,0 0 0 to $ 6 ,0 0 0 ,0 0 0 .

p a y a b le

in

te n

m o n th ly

S u b s c r i p t i o n s w ill b e m a d e

in s ta llm e n ts .

On

D o m in io n

( J u l y 1 ) t h e b a n k w ill o p e n a L o n d o n b r a n c h
u n d e r th e

m a n a g e m e n t o f E ric

W .

H am ber,

la te

m anager

o f its V a n c o u v e r b r a n c h .
— A

sta te m e n t

is s u e d

B a n k o f L o n d o n o n th e
s a n c tio n

of

on

b e h a lf

1 7 th

th e C o u r t a n

of

th e

fa ile d

u lt. a n n o u n c e d

agreem en t had

B irk b e c k

t h a t w ith

B a n k , L td .

in to

T h e B i r k b e c k B a n k s u s p e n d e d o n J u n e 8 w it h

o b ta in e d
borrow

fr o m

On

th e C o u r t

by

im m e d ia te ly fr o m

th e
th e

th e

1 0 th

u lt. a n

r e c e iv e r

order

a llo w in g

w as

h im

to

B a n k o f E n g la n d a s u ffic ie n t

s u m to p a y th e d e p o s ito r s o n e -h a lf th e ir a c c o u n t s a t o n c e .

IMPORTS AND EXPORTS FOR MA Y .
The

B u reau

of

S ta tis tic s

at

W a sh in g to n

has

is s u e d

th e

s t a t e m e n t o f th e c o u n t r y ’ s fo r e ig n tra d e fo r M a y , a n d fr o m
it a n d

p r e v io u s s t a t e m e n t s w e h a v e p re p a re d

in te r e s tin g

th e fo llo w in g

s u m m a r ie s :

FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are In all cases omitted.)
MERCHANDISE.
1910.
$144,461
124,558
143,658
133.110
131,084
127,888
114,628
134,666
168,874
207,709
206,620
228,303

1911.
January ......... $197,083
February ----- 175,957
M a rch _______ 101,933
A p r il.............. 15 007
153,261
M a y ............ -.
June .......... ..
J u ly ................
August ........ .
September___
October ------N ovem b er__
Decem ber___
T o ta l...........

......

1910.
S133,071
130,118
162,999
133,922
118,838
119,876
117,316
138,358
117,265
124.046
129,780
136,710

1911.
S130.561
121,6 .5
139,012
119,827
130,6/8

1909.
S15S.713
120,052
139,291
125,175
123,323
117,419
109,337
109,752
153,963
200,697
193,999
172,478

1909.
3103,576
118,654
132,874
122,108
116,001
124,665
112,488
117,094
121,015
127,673
140,509
138,741

SI,562,905 SI.475,521

31,865,559 SI.728,1 9
GOLD.

January .........
February ----M a rch _______
A p r il-----------M a y -------------J u ly _________
August---------September___
October . —
November __
Decem ber___
T o ta l...........

T/T___
1910.
36.163
2,937
1,816
36,284
719
1,598
829
3,150
1,823
750
1,376
1,330

1911.
S924
425
506
1,506
6,817

__

......
......

S58.775

1911.
S9.5 41
5,806
4,119
4,52 4
5,015

1909.
$7,865
8,861
21,252
6,338
11,171
8,347
16,662
9,230
7,547
9,379
15,649
10,579
S132.881

1910.
S2.131
3,063
4,374
2,101
3,143
4,576
10,283
12,819
3,192
4,250
4,313
4,977

1909.
S3,420
3,576
5,162
3,346
2,264
2,368
3,270
5,349
2,351
7,034
3,863
2,084

359,222

S14.087

1910.
SI,248
3,155
3,995
3,841
3,355
3,308
3,795
4,119
V ‘ 42
L i " >5
4 f/7
4 ,% ;

1909.
33,605
3,509
3,280
4,222
3,857
4,339
3,916
3,191
3,261
4,049
4,695
4,204

345.878

S16.188

SILVER.

January .........
February ___
M arch_______
A p r il..............
M a y ............ .
June ________
July ................
August...........
September___
October..........
N o vem b er__
December___
T o t a l..........

......

Ty___
1910.
34,498
4,589
4,553
4,097
4,131
4,587
5,124
4,756
4,830
4,270
5,265
6,061

1909.
34,542
4,853
5,079
4,952
4,428
5,505
5,049
4,495
4,380
4,054
4,951
5,298

_ ___

357,301

357,592

1911.
$5,651
4,453
5,897
7,610
5,054

___
___

1911.
33.552
3,898
3,197
4,249
3,555

EXCESS OF EXPORTS OR IMPORTS.
- Merchandise1910.
1911.
1909.

1911.

•S

S

January . . ___ + 66,522
February . ___ + 54.2 2
M a rc h __ ___ + 22.891
April —
M a y ------- ___ + 22,584
Juno.........
J u ly ------August__
September
October __
November
December. .....................

+ 10,790
—5,500
— 19,341
—812
+ 12,240
+ 8,012
—2,688
— 3,692
+ 51,609
+83,603
+ 76.834
+ 91,593

S

+ 53,137
+7,398
+ 6,417
+3,007
+7,262
—7,246
—3,151
— 7,342
+32.94S
+ 73,024
+ 53,490
+33,734

— 8.617
— 5,381
—3,61;
— 3,018
+ 1,802

___
__

It'll
JIH0.
t
S
+4.Q4Z 4S.«V)
— 136
•r « , )
—2,558 +3.71 i
+31.183 j + i«Ii l
—2.424 + l«<Kl i
—3.078
0.454
- C.<i09
— Vt&O
—: u w
— :,C<<7
-3VM7

T o ta l... ..................... + 302.654 + 252,078
+ Exports.

1910.
S

+250
+ 1.434
+ 558
+850
+ 775
+ 1. ’ < 1
+ 1,32 '
+ 037
+ 1,3S>
+ 875
+ 4 ;8
+ 1,603

— 447

— Imports.

W e s u b j o i n t h e t o t a l s f o r m e r c h a n d i s e , g o l d a n d s il v e r f o r
e le v e n

m o n t h s s in c e J u l y




1 fo r s ix y e a r s :

S
s
| S
1,405,283 501,759 19,435
1,437,071 180,026 116,965
1,187,256 358,336 83,185
1,102,235 643,169 63,800
1,321,911 421,200, 27,527
1,125,782 493,018, 35,317

Gold.

Silver.

Excess
of 1 Ex­
Im­
ports. Exports ports.

Excess
Im­
of
ports. Exports

S
68,838 a49*403'
38,764 78,201
41,636 41,549
144,887 aS 1,081
112,345 a84,818
93,852 a58,535

58/972
50,699
50,178
53,484
51,378
61,351

S
42,428
41,909
39,016
41,205
39,470
40,683

$
16,544
8,790
10,562
12,279
11,908
20,068

S im ila r

t o ta ls

f o r f iv e

m o n th s

s in c e

Jan u ary

1 fo r

s ix

y e a r s m a k e th e fo llo w in g e x h i b it :

Ei ve
Months.

1911__
1910__
1909__
1908..
1907..
1906..

Silver.

Gold.

Merchandise.

Excess
Excess
Excess
1
Exports Imports
of
of
Exports. Imports.
Exports Imports
of
Exports
Exports
Exports
s
846,212
694,547
670,554
.
762,428
.
802,711
.
732,809

641,802 204,410
676,871 02,676
593,332 77,222
430,344 332,084
638,769 163,912
536,579 196,230

10+77
47,919
55,487;
41.S91
12,428
28,354

S
29/104 018,827
14,812 33,107
17,768 37,719
22,957 21,934
19,301 06,876
60,169 031,815

s

28,665
22,467
23,855
21,077
23,858
28,919

S
18,452 10/313
18,593 3,874
18,533 5,322
17,688 3,389
18,919 4,939
19,917 9,002

th e

b e e n e n te re d

f o r t h e s a le o f i t s a s s e t s t o t h e L o n d o n C o u n t y & W e s t m i n s t e r

lia b ilitie s o f $ 4 3 ,3 8 0 ,9 1 0 .

Im­
ports.

Ex­
ports.

1

Excess
of
Ex­
Exports ports.

a Excess of Imports.

D ay

a t 7 3 C o r n h i ll,

Merchandise.

S
1910-11 1,907,012
1909-10 1,617,096
1908-09 1,515,592
1907-08 1,745,404
1906-07 1,743,111
1905-06 1,618,830

t h e s h a r e h o ld e r s a t $ 2 0 0

p e r s h a r e , t h e p r e m i u m s e r v i n g t o in c r e a s e t h e r e s e r v e f u n d

[V o l . L x x x x m .

a Excess of Imports.

Toujctaryl © jomm evcml EuglisTxJJtextfs
[From our own correspondent.]

London, Saturday, June 2 4 1 9 1 1 .
L o n d o n h a s b e e n en fete t h r o u g h o u t t h e w e e k , a n d b u s i n e s s
h a s b e e n p r a c tic a lly s u s p e n d e d , n o t o n ly u p o n th e S to c k
E x ch a n g e, b u t everyw h ere.
I t h a s b e e n c u r io u s to n o te
in t h e b u s i e s t b a n k s e v e n h o w f e w w e r e t h o s e p a s s i n g in a n d
o u t , a n d h o w u n o c c u p i e d m a n y o f t h e c le r k s w e r e .
D u rin g
t h e f ir s t t h r e e d a y s t h e s t r e e t s w e r e c r o w d e d w it h c u r i o u s
g a z e r s a t th e p r e p a r a tio n s fo r d e c o r a tin g fo r th e C o r o n a tio n
p r o c e ssio n .
A n d a t n ig h t th e c r o w d s w ere e v e n g r e a te r ,
w a tc h in g th e p r e lim in a r y
illu m in a tio n s .
Y e ste rd a y
and
th e d a y b e fo r e w e re B a n k H o lid a y s .
B u s i n e s s o f e v e r y k in d
w a s s t r i c t l y s u s p e n d e d , a n d t h e t h o r o u g h f a r e s w e r e lin e d
a t e a c h s id e w i t h t r o o p s a n d p o l i c e , w h ile v a s t m a s s e s o f
p e o p le th r o n g e d e v e ry a v a ila b le sp a c e .
T h e w in d o w s w e re
a s f u ll a s p o s s i b l e , h o u s e s w e r e d e c k e d o u t w it h b a n n e r s a n d
f l a g s , a n d s o o n , a n d all w a s life a n d b u s t l e .
C o n s e q u e n t l y t h e r e h a s b e e n li t t le o r n o t h i n g d o i n g u p o n
th e S o t c k E x c h a n g e , a n d , c o n s id e r in g e v e r y t h in g , q u o t a t io n s
have been
w o n d e r f u l l y w e ll m a i n t a i n e d .
T h e sea m en ’s
s t r i k e , w h ic h a t fir s t w a s e x p e c t e d t o fiz z le o u t q u i c k l y ,
is e x t e n d i n g , a n d t h r e a t e n s t o b e c o m e m o r e f o r m i d a b l e t h a n
w as a n tic ip a te d .
I t h a s b e e n im p o s s i b l e t o fu lfill c o n t r a c t s e n t e r e d i n t o b y
t h e o w n e r s o f t h e v e s s e ls t o c o n v e y s i g h t s e e r s t o t h e N a v a l
R e v ie w a t S p it h e a d ; a n d a t o th e r p o r t s , lik e w is e , th e s tr ik e
s e e m s to b e g a in in g g r o u n d .
I n m a n y c a se s th e o w n e r s
h a v e c o n c e d e d t h e d e m a n d s o f t h e m e n , b u t in o t h e r s t h e y
h a v e b een o b s tin a te .
T h e d e m a n d s n o w , h o w e v e r , seem
t o b e l i m i t e d t o a n in c r e a s e o f w a g e s .
I t is a l s o r e p o r t e d t h a t a t a m e e t i n g o f t h e l e a d e r s o f t h e
U n i o n i s t P a r t y in b o t h h o u s e s o f P a r l i a m e n t a d e c is i o n w a s
c o m e t o t o r e j e c t t h e P a r l i a m e n t B ill u n le s s c e r t a i n a m e n d ­
m e n t s a r e a c c e p t e d b y t h e G o v e r n m e n t , t h e p r i n c ip a l o f
th e se b e in g t h a t n o th in g a ffe c tin g th e p r e r o g a t iv e s o f th e
C r o w n o r th e u n io n o f th e th r e e k in g d o m s s h o u ld c o m e
u n d e r th e V e t o p r o v is io n s .
I t is g e n e r a l l y b e l i e v e d t h a t t h i s
is m e r e b l u f f , t h a t t h e le a d e r s o f t h e U n i o n i s t P a r t y in t h e ir
u s u a l ig n o r a n c e o f p u b li c f e e li n g t h i n k t h e y c a n f r i g h t e n
t h e G o v e r n m e n t i n t o g i v i n g w a y , b u t w h m t h e y f in d o u t
t h e i r m i s t a k e t h e y w ill y i e l d , f o r it is u n i v e r s a l l y b e l i e v e d
th a t M r . A s q u it h h a s a ' p r o m is e fr o m th e K in g to c re a te
e n o u g h P e e r s to c a r r y th e m e a s u r e if it b e c o m e s n e c e s s a r y .
H o w e v e r t h a t m a y b e , th e e x t e n s io n o f th e s tr ik e a n d th e
d e c is i o n o f t h e H o u s e o f L o r d s a r e c a l c u l a t e d t o p r o t r a c t
t h e u n w i llin g n e s s o f t h e p u b l i c t o e n g a g e in n e w r i s k s . W e r e i t
n o t fo r th e s e tw o c ir c u m s ta n c e s e v e r y t h in g s e e m s to p o in t
in f a v o r o f a m a r k e d in c r e a s e in b u s i n e s s , a n d a g e n e r a l rise
in p r i c e s .
T r a d e is w o n d e r f u l l y g o o d , a n d is g r o w i n g b e t t e r
as th e w e e k s p a s s .
T h e e x c it e m e n t c a u s e d b y th e su s p e n s io n
o f th e B ir k b e c k B a n k h a s d ie d o u t .
I t is b e l i e v e d n o w
t h a t a ll d a n g e r o f a r u n u p o n o t h e r i n s t i t u t i o n s is a t a n e n d ,
a n d a l t h o u g h t h e r e is s o m e u n e a s i n e s s r e s p e c t i n g b o t h
M o r o c c o a n d A l b a n i a , t h e g e n e r a l o p i n i o n is t h a t p e a c e w ill
n o t b e d i s t u r b e d ; w h i l e , t o c a p a l l , m o n e y is v e r y p l e n t i f u l
a n d is g r o w i n g m o r e s o .
.
N e x t w e e k e v e r y b o d y is p r e p a r e d f o r a s e v e r e s q u e e z e in
B e r lin .
B u t th ere h a s n o t so fa r b een s h o w n th e a n x ie t y
t o g e t g o ld f o r t h e R e i c h s b a n k t h a t w a s g e n e r a l l y e x p e c t e d .
G o l d c l e a r l y , c o u ld h a v e b e e n o b t a i n e d f r o m E g y p t if t h e
p r o p e r m e a s u r e s h a d b e e n t a k e n , w h ile it w o u l d h a v e b e e n
e a s y , l i k e w i s e , t o o b t a i n g o ld in t h e o p e n m a r k e t in L o n d o n
e a c h M o n d a y i f a s l i g h t l y h i g h e r p r ic e h a d b e e n o f f e r e d .
N o t h in g , h o w e v e r , o f a n y im p o r ta n c e h a s b e e n d o n e .
The
g o ld w h ic h is n o l o n g e r r e q u i r e d in E g y p t is g o i n g i n t o t h e
B a n k o f E n g la n d .
F o r e x a m p l e , £ 1 0 0 , 0 0 0 w a s s e n t in o n
S a t u r d a y ; o n T u e s d a y £ 1 7 5 , 0 0 0 m o r e w a s s e n t in ; a n d m o r e
w ill g o in t o - d a y , w h ile m o s t o f th e g o ld o f f e r in g in t h e o p e n
m a r k e t o n M o n d a y is u n d e r s t o o d t o h a v e b e e n s e c u r e d b y
th e B a n k o f E n g la n d .
U n le s s , t h e r e fo r e , th e s tr ik e a n d th e
e x p e c t e d q u a r r e l b e tw e e n th e tw o H o u s e s o f P a r lia m e n t p r e -

July 11911.]

THE CHRONICLE

v e n t s i t , e v e r y t h i n g p o i n t s t o a m a r k e d i m p r o v e m e n t in
b u s i n e s s in t h e e a r l y f u t u r e .
T h e I n d i a C o u n c il o f f e r e d f o r t e n d e r o n W e d n e s d a y 5 0 la c s
o f i t s b i l l s a n d t h e a p p l i c a t i o n s e x c e e d e d 6 8 1 ^ l a c s a t p r ic e s
ra n g in g fr o m I s . 3 3 1 -3 2 d . to I s . 4 l - 3 2 d . p e r r u p e e .
A p p li­
c a n t s f o r b ill s a t I s . 4 d . a n d f o r t e le g r a p h i c t r a n s f e r s a t
I s . 4 l - 3 2 d . p e r ru p ee w ere a llo tte d 5 1 % o f th e a m o u n ts
a p p lie d fo r .
T h e fo llo w in g r e tu r n s s h o w th e p o s itio n o f th e B a n k o f
E n g la n d , th e B a n k r a te o f d is c o u n t , th e p r ic e o f c o n s o ls ,
•fee., c o m p a r e d w i t h t h e l a s t f o u r y e a r s :

1908.
1909.
1907.
1910.
1911.
June 16.
June 17.
June 19.
June 15.
June 14.
£
£
£
£
£
Circulation.............. 28.738,830 27,702,000 29,065,490 28,787,270 28,819,765
9,776,532 10,867,819
Public deposits___ 13,833,244 27,533,503 12,971,401
Other deposits------- 41,625,081 36.284,942 44,756,078 46.032.311 42,581,976
Governm’t securities 14,971,344 17,873,939 15,368,812 15,072,531 15,084,520
Other securities___ 29,031,207 30,561,205 30,792,031 29,979,181 30,947,399
Reserve.notes&coln 29,197,621 33.136.881 29,262,273 28,526,902 25,298,567
Coln&bull.,both dep.39,486,451 42,388,921 39,877,763 38,864,172 35,668,332
Prop, reserve to lla50 X
51 15-16
47 X
51 %
bllltles______p. c.
52%
3
4
2
Bank rate____ p. c.
3
2X
81 15-16
83 5-16
84 X
87 7-16
Consols, 2 X p. c . . .
79 15-16
24 J*d.
24 4*d.
25 l-16d. 30 15-16d.
S ilver____________
24 'AA.
Clear.-house returns 241,084,000 326,861,000 311,740,000 246,705,000 255,511.000
T h e r a te s fo r m o n e y h a v e b e e n a s fo llo w s :

June 21.
June 16.
June 2.
June 9.
Bank of England rate______
3
3
3
3
Open market rate—
Bank bills—60 d a ys......... 2 X © 2 5-16
2
2 1-16
2'A
2 1-16
—3 months___ 2 K @2 5-16
2 1-16
2A
2 X © 2 3-16
2%
2%
2X
—4 months----2 7-16 «2 X
2%
—6 months___ 2 X © 2 13-16 2 X © 2 13-16
Trade bills—3 months___ 2 X ©3
25* @3
2X
2X
3
3
—4 months___
3@3X
3@3X
Interest allowed for deposits—
By Joint stock bank's____
IX
1M
IX
IX
By discount houses—
At call............................
IX
ix
IX
IX
7 to 14 days....................
IX
IX
IX
IX
T h e b a n k ra te s o f d is c o u n t a n d o p e n m a r k e t ra te s a t th e
c h i e f C o n t i n e n t a l c it i e s h a v e b e e n a s f o l l o w s :

M essrs.

P ix le y

&

June 10.
Dank Open
Rate. Market.
3
2X

June 17.
Dank Open
Rate. Market.

June 21.
Dank Oven
Fates of
Rate. Market.
Interest at—
2X
P a ris .................... . . . 3
Berlin----------------- . . . 4
3X
Hamburg........ . . . . . . 4
3X
3 7-16
Frankfort ............ . . . 4
251
Amsterdam ____ . . . 3
Brussels .............. — 'AX IX
3 9-16
V ie n n a ................ . . . 4
nom.
St. Petersburg-.. . . . 5
Madrid.................. - - - 4 X 3X
Copenhagen ........ . . . 4 X
4X

2X
3X
3X
4
3 9-16
3
2X
3X 3 IX
9-16
4
3

3X
3X
2»A
3X IX
4
4

4
4

5

4
4
3

nom.

6

4X 3X

A b e ll

4X

4X

w r it e

as

June 3.
Dank Open
Rate. Market.
3
2X

2X
2X
3
3
2X
2
3X
4
3X
5
nom.
4X 3X
4X 4X
4
4

4X
4X

3 7-16
nom.
3J*
4X

o f June

15:

GOLD.—The arrivals of gold In the open market amounted to £638,000. India
has taken £157,000, £309,000 has gone Into the Bank and the balance will be used
partly for the Continent and partly to supply Indian requirements for next week,
£298,000 In bars has been sent into the Bank from Paris, the cheque having risen
again to 25.31, and further amounts are expected from that quarter. The Bank has
also received since our last £22,000 from France in sovereigns and £19,000 from
Australia, while £125,000 has been withdrawn for South Africa and £10,000 for
Batavia. £300,000 In sovereigns Is reported to be on its way to this country from
Egypt. Next week we expect £646,000 from South Africa and £73,000 from India.
For the week: Arrivals—South Africa, £608,000: West Indies, £22,500: West Africa,
£8,000; total, £638,500. Shipments—Bombay, £164,500: Calcutta, £6,000; total,
£170,500. For the month of May: Arrivals—Germany, £24,000; France, £790,000:
South America, £95,000; India, £182,000; Shipments—Germany. £118,000: Hol­
land, £241,000: France, £192,000; Turkey, £308,000; South America, £753,000;
India, £1,043:000.
SILVER.—There are no new features In the market. The tone has perhaps been
hardly so good and prices do not show the same recuperative power to the level of
last week. The price to-day of 24J*d. shows a fall of l-16d., and this has been the
rate for live days out of the six. The dulness Is due to the slackening of the demand
for China and to a disposition on their part to supply the market at any advance.
This dulness Is not reflected In the Chinese exchange, which keeps very steady on
a parity with silver. Stocks, too, In Shanghai show a reduction on the week of
£155,000, but business Is reported to be exceedingly quiet. The support has come
mainly from India, the bazaars sending orders for the ensuing mall, but these
have been filled without difficulty from the slightly larger supplies arriving from the
United States and Mexico. Stocks In Bombay show an Increase of 600 bars, and
allowing for the arrival of silver on the sea, this shows a consumption of under
£100,000 during the week, a falling oft of nearly £60,000. The offtake Is reported
to be 110 bars dally. There has been a distinct renewal of activity In the Indian
export trade, and exchange Is higher at Is. 4d. The currency figures, too, show a
reduction of 32 lacs, an unusual occurrence at this time of year. The price In India
Is Us. 62 X per 100 tolahs. For the week: Arrivals—New York, £261,000; West
Indies, £11,000; total, £272,000. Shipments—Port Said, £1,000; Bombay, £ 101,­
000; Calcutta, £20,000; total, £122,000. For the month of May: Arrivals—Ger­
many, £29,000; France, £8,000; Shipments—Russia, £484,000; Germany, £107,­
000; France, £98,000.
T h e q u o t a t io n s fo r b u llio n a r e r e p o r te d a s f o llo w s :

June 15.
SILVER.
GOLD.
June 15. June 8.
London Standard.
d.
s. d.
s. d.
London Standard.
Bar silver, fine, o z ...--2 4X
77 9
Bar gold, fine, oz----- . 77 9
U. S. gold coin, oz__ . 76 4 X 70 4 X " 2 mo. delivery__ ..24 9-16
Cake silver, oz_____ ..26 7-16
76 4
German gold coin, oz... 76 4
French gold coin, oz. . 76 5 X 76 6 X Mexican dollars........ ..nom.
70 4
Japancse yen............ . 76 4

June 8.
d.
24 9-16
24X
26X
nom.

T h e fo llo w in g s h o w s th e im p o r t s o f c e re a l p r o d u c e in to
th e U n it e d K in g d o m d u r in g th e s e a s o n t o d a t e , c o m p a r e d
w ith p r e v io u s s e a s o n s :
1
r
Forty weeks—

TV n A D TQ
IMPORTS.

1910-11.
1909-10.
cwt.74,221,200 77,831,040

1908-09.
1907-08.
67,755,700 72,471,250

Oats........................... - ........ .......11,034,200 15,031,000
Peas......... ................. - .......... . . . 1,779,279
1,915,905
Beans.............. - -------------------575,407
1,908,331
Indian corn.---------33,011,700 27,712,858
Flour ............................ ............ 7,942,600 9,030,551

10,778,600 9,490,799
1,238,970
1,258,750
1,004,130
848,350
26,306,400 30,457,857
9,013,800 11,363,500

Wheat

Barley

______

______________

...16,285,900 18,814,000

18,077,400 17,867,686

S u p p lie s a v a ila b le fo r c o n s u m p t io n (e x c lu s iv e o f s t o c k o n
S e p te m b e r 1 ):

1910-11.
1909-10.
Wheat Imported.................cwt.74,221,200 77,831,040
Imports of Hour_______ _____ . . 7,942,500
9.030,551
Sales of home-grown.................... 20,814.923 23,785,940

1908-09.
1907-08.
67,755,700 72,471,250
9,013,800 11,363,500
24,675,518 29,502,939

P Total ....................... - .......... 102,978,623 110,647.531 101,445,018 113,337,689
Average price wheat, week--------- 32s. 4d.
30s. 2d.
43s. id.
33s. Id.
Average price, season ............. 30s. 8d.
32s. lOd.
34s. 8d.
33s. 3d.
. . T h e fo llo w in g s h o w s th e q u a n t it ie s
m a iz e a flo a t to th e U n ite d K in g d o m :

Wheat ..................
Flour, equal to----M a ize....................




This week.
_cwt_ 3,510,000
____
190,000
____
605,000

of

Last week.
3,470,000
200,000
435,000

w h e a t,

English Financial Markets—Per Cable.
T h e d a i l y c lo s i n g q u o t a t i o n s f o r s e c u r i t i e s , & c . , a t L o n d o n ,
a s re p o rte d b y c a b le , h a v e b e e n a s fo llo w s th e p a s t w e e k :

London.
Week ending June 30.
Sat.
Silver, peroz........ ............. d . 24%
Consols, new, 2 X per cents... 79 X
For account...................... .. 7954
French Rentes (In Paris).fr.. 95.275*
Amalgamated Copper Co___ - 72X
American Smelting & R e f... . 34X
ftAnaconda Copper Co_____ . 8 54
Atchison Topeka & Santa Fe.11651
Preferred ____
108
111
Baltimore & O h io ...
Preferred . .
. 92
Canadian P acific...
249
Chesapeake & Ohio___
- 865*
Chicago Great Western____ 245*
Chicago Mllw. & St. Paul.. .1305*
Denver & Rio Grande____ . 29
Preferred ____________
. 58
E rie_______________
- 375* .
First Preferred_________ - 585*
Second Preferred......... - 475*
Illinois Central........ ..............145
Louisville & Nashville.......... .1555*
Missouri Kansas & Texas___ - 3754
Preferred............................ 69
Missouri Pacific---------------- . 51
Nat. RR. of Mex.. 1st Pref... 67
Second Preferred.... .......... 32
N. Y. Central & Hudson RIv.114
N. Y. Ontario & Western.... 4654
Norfolk & Western________ .11254
Preferred......................... . 93
Northern Pacific................ . .13754
aPennsylvanla____________. 64
oReadlng Company........ . ■ 825*
aFIrst Preferred________ - 4654
oSecond Preferred.......... . 46
Rock Island............ .......... .- 3454
Southern P a c ific .............. ..12154
Southern Railway.............. .- 3254
Preferred......................... .- 725*
Union Pacific...................... ..1905*
Preferred______ ________. 97
U. S. Steel Corporation____ . 805*
Preferred _______________ .12154
W abash................................ - 1754
Preferred..................... . . 3954
Extended 4s................ .. . 70
a

Price per share.

Mon.
24 5*
7954
7954
95.275*
735*
855*
85*
1175*
108
112
92
2485*
8654
245*
132
295*
595*
3754
595*
48
1455*
1565*
3854
70
52
675*
325*
11414
47 5*
11254
93
14054
6454
82 54
4654
46
35
1265*
33 5*
73 5*
1955*
9754
82
122
18
3954
70

Tues.
24 7-16
7954
7954
95.275*
72 5*
84
85*
1175*
108
11154
92
2485*
8654
24
1315*
295*
59
385*
6054
48
1455*
1565*
3854
695*
515*
67 5*
325*
11454
47
113
93
13954
64 5*
8254
4654
46
345*
128
3254
74
1955*
975*
8154
12254
18
3954
70

Wed.
24 %
7954
7954
95.175*
715*
82 5*
8 5*
H6J*
108
11254
92
2495*
8654
24
131
2954
595*
385*
60
485*
145 5*
1565*
3854
70
5154
675*
325*
1145*
475*
113

Thurs.
24 5-16
79 9-16
79 9-16
95.175*
72
82
85*
11654
108
112
92
24854
855*
2454
13054
2954
595*
375*
59 5*
485*
1455*
155
375*
69
605*
67
32
11354
47
112

139k
64
825*
4654

138k
64
82
4654

345*
12754
335*
75
1945*
97
815*
12254
1754
39
70

3354
127 5*
325*
74 5*
1945*
97
81
122
17
37
675*

Frt.
24 5-16
79 3-16
79 3-16
94.925*
715*
82
85*
1165*
108
1125*
92
248
8554
24
1305*
2854
595*
3854
5954
4854
1455*
155 5*
375*
695*
52
67
3254
113
47
1125*
92
1385*
635*
8254
4654
5054
3354
1265*
3254
74 5*
1945*
97
805*
12154
17
375*
69

5 £ sterling.

4

3 3-10

fo llo w s a s

19

f lo u r

1910.
3,395,000
150.000
540.000

and

1909.
3,210,000
170.000
1,055,000

i5cell micons

©mum eveml and

urs

F O R E IG N
TRAD E
OF
N EW
Y O R K — M O N TH LY
S T A T E M E N T . — I n a d d i t i o n t o t h e o t h e r t a b l e s g i v e n in
th is d e p a r t m e n t , m a d e u p fr o m w e e k ly r e tu r n s , w e g iv e th e
f o l l o w i n g fig u r e s f o r t h e f u ll m o n t h s , a l s o is s u e d b y o u r
N e w Y o r k C u sto m H o u se .
M erch a n dise M o ve m e n t to N e w Y o r k .
M o n th .

Ju ly____
A ugust...
September
October . .
November
December.
January..
February.
M arch__
A p ril___
M ay_____

Im p orts.

E x p o r ts.

1910-11. | 1909-10.

1910-11. | 1909-10.

5
|
$
s
1 s
69,966.872 68.687,013 56,019.567 50.583.478
81.340.437 68.295,105 65.279,115 49.212.360
67,590.619 73.362,959, 66.183,119 50.779.347
70,317,977! 76,749.472; 61,166,950! 55,899,327
75,083.744 85,658,842: 60,821.026 55.953,000
76,681,915 84,103,875 63.598,538, 58.606,172
74.513.315 78,656.123; 61,305.707 52.644.329
66,677,912 77,826,788 61,749,886; 49,927,253
84,252,892 102,955.233 71,039.36!)! 56.874,809
71,065,446; 78,224,201 73.279,673 52,027,284
75,060.513; 68,497,815 ; 66,064,021 58,511.642

C ustom s Receipts
at N e w Y o r k .

1910-11.

1909-10.

s

S

16.911.067 20,728,717
20,276.113 19,732,558
17.699.960; 17.906.343
16.381.800l 19.793,908
18.533.0791 17.575,847
16.487.755 16.223.356
16,898.957j 17,545,140
16.334.953, 18,778.746
19.487.785; 21.988,922
14,903,015 16.276,428
16,013,192 14,999,383

T o ta l... 812,541,632j863,017,426^06,555,922j591,019,001 189,927,082201,549,348
T h e i m p o r t s a n d e x p o r t s o f g o l d a n d s il v e r f o r t h e e l e v e n
m o n th s h a v e b e e n a s fo llo w s :

'Month.

Gold Movement at New York.

SUrer—New York.

Exports.

Imports. | Exports.

Imports.
1910-11.

1909-10.

$
$
470,018
J u ly................ 4,906.446
600,563
August_______ 9,335.389
September___
481,945
431.581
October..........
689.290
685,147
746.321 1,093,967
November___
December___ 1,881,121
515.727
421,946
January ____ 1.325.148
February ___
632,423 1.912.799
M arch_______ 1.158.724 2.425,426
470,490,
470,074
A p ril..............
493,413
M ay,............... 2,950,931
Total..........

1910-11.
$
177,490
276,000
134.500
132.185
256,900
387,610
871.445
351,125
436,292
591,791
395,600

1909-10.

1910-11.

1910-11.

:

$
$
$
13,405,800
376,817 4,272,445
2.847.470 1.007,193 3,931,438
335,620
693,062
424.670
482,644 2.684,265
1.974,125
8,877,100
696.077 3.779.193
747.747 4,393.262
8.017.750
875.816 4,858,676
3.113.576
2,786.542
604.167; 3,585.088
970.391 4,764,044
1.644,417
30,168.360
873.523! 3,742 >414
438.769
882,315j 4,266,119

23,527,448 9,571,441 j 4.010.941 79.609.529 : 8,209,755 40,701,614

N a t io n a l B a n k s .— T h e fo llo w in g in fo r m a tio n r e g a r d in g
n a t i o n a l b a n k s is f r o m t h e o f f i c e o f t h e C o m p t r o l l e r o f t h e
C u rren cy, T rea su ry D e p a rtm e n t:

C H A R T E R S ISSU ED TO N A T IO N A L B AN K S JU N E 15 TO JU NE 21.
10.033— The First National Bank of Brunswick, Neb. Capital, $25,000.
R . J. Gaines, Pres.; Dan W . Gaines, Vlce-Pres.; II. O. Gaines,
Cashier; Catherine O ’Donnell, Asst. Cashier. Conversion o f the
Brunswick Bank.
10.034— The Citizens’ National Bank o f Storm Lake, la . Capital, $75,000.
Fred Schaller, Pres.; A . D. Bailie, Vlce-Pres.; Geo. J. Schaller,
Cashier; R . A . Jones, A sst. Cashier.
10.035— The Commercial National Bank of Dem opolls, A la. Capital,
.
$100,000. A . R . Sm ith, Pres.; Isidore Bley, Vlce-Pres.; J . D .
N orwood, Cashier.
10.036— The First National Bank o f P ort Norris, N . J. Capital, $25,000.
E . B. Bradford, Pres.; L evi R obbins, Vlce-Pres.; Lemuel R ob ­
bins Jr., Cashier.
10.037— The National Bank of Liberty, N. Y . Capital, $50,000. E . W .
Grant, Pres.; B. F . Green, Vlce-Pres.; F . E . Bridges, Cashier;
A lbert Van Dyke, A sst. Cashier.
I 10,038— The City National Bank of Greeley, Colo. Capital, $100,000.
Daniel A . Camfteld, Pres.; James E. Neill, Vlce-Pres.; George D .
'
Statler, Cashier; A . S. Rogers, Asst. Cashier.

THE CHRONICLE

20
DIVIDENDS.

Name o f Company.

T h e f o l l o w i n g s h o w s a ll t h e d i v i d e n d s a n n o u n c e d f o r t h e
f u t u r e b y la r g e o r i m p o r t a n t c o r p o r a t i o n s :

Dividends announced this week are printed in italics.
Name of Company.

Per
Cent.

Books Closed.
Days Inclusive.

When
Payable.

Railroads (Steam)
A la b a m a G rea t Southern , p r e fe rr e d .........
A lb a n y A S u sq u eh a n n a _______________ . .
A lleg h en y A W estern , g u a r a n te e d .............
A t c h . T o p e k a A Santa Fe, p r e f....................
A tla n tic C oast Line R R ., c o m m o n _______
B e e c h Creek, guaran teed (q u a r .) ..................

A ug.
fuly
July
A ug.
2A
July
3
1
July
50 h July
July
4
B o s to n A L o w e l l...............................................
1
Ju ly
B o s to n A M aine, co m m o n (q u a r .) --------July
B o s to n A P rov id en ce (q u a r .) ____________
2A
2
J u ly
Boston Railroad Holding Co., p ref.............
July
3
B o s to n R ev ere B ea ch A L y n n --------------C anada S o u th e rn ........ ......................................
1 A ' A ug.
A ug.
2
C entral R R . o f N ew Jersey (q u a r .) ------July
2
C h ica g o B u rlin gton A Q u in cy (q u a r .) -----J u ly
l'A
C h ica g o A E astern Illinois, p ref. (q u a r .).
C h ica g o A N orth W estern, c o m . (q u a r.)
l K July
2
July
P referred (q u a r .)-----------------------------------July
C love. CIn. C hic. A S t. L ., p ref. ( q u a r . ) . .
IK
A ug.
2A
C uba R a ilroa d , p r e fe rr e d ............... - ............2 A July
D ela w are L a ck a w a n n a A W estern (q u a r.)
2
July
July
2A
D e tro it A M ack inac, c o m m o n .........................
July
2A
July
3
E a s t P e n n s y l v a n i a ------------------------ ------------Ju ly
E l m i r a A W i l l i a m s p o r t ........................ ............ 3 .1 6
Ju ly
2
F o n d a J o h n s t o w n A- G l o v e r s v l l l e , c o m -------Ju ly
3
G eorgia R a ilroa d A B anking (q u a r .) ------J u ly
Aug.
IK
G r e a t N o r t h e r n ( q u a r . ) ............... .......................
1
July
G u l f & S h i p I s l a n d ( q u a r . ) ..............................
3 Vi July
July
A
E x t r a .......... ......................................- ................
2
July
H o c k in g V a lley , c o m m o n -------------------------S ept.
3A
I l l i n o i s C e n t r a l ( N o . 1 1 3 )-------------------------2
July
Illin ois Central, Leased L ine, g u aran teed
2 K J u ly
In te rb o ro u g h R a p id T ra n sit (q u a r .) ------Ju ly
IK
J oliet A C h icago, g u a ran teed (q u a r .)------1
July
K a n sa s C ity S ou th ern , p ref. (q u a r .) ...........
Ju ly
6
L ak e S h ore A M ichigan S o u t h e r n ..............
A ug.
6
G u ar, sto c k (M ich . S o. & N o . I n d . ) - July
5
L eh ig h V a lle y c o m . a n d p r e f . - ....................
L ittle S ch u ylk ill N a v . R R . A C o a l............. 51.25 July
4
July
Louisville B ridge............................ - .........
A ug.
L ou isville A N a sh v ille .......................................
3A
A ug.
M a h on in g C oa l R R . . c o m m o n . . .................. 55
Ju ly
P re fe r re d ......................................... ...................
2A
2
July
M ain e C entral (q u a r .) -------- ----------------------M an h a ttan R y ., g u ar, (q u a r .) (N o . 1 0 9 ).
I K July
July
3
M ichigan C e n t r a l............................................ .
J u ly
3
Aline Hill A S ch u ylk ill H a v e n ......................
July
M orris A E ssex, g u a r a n te e d .................... .....
3A
July
N ew Y o r k Central A H u d . R iv e r (q u a r.)
IK
2 A S ep t.
N . Y . C hic. A St. Louis, 1st A 2d p r e f . . .
July
5
N ew Y o r k A H arlem , c o m . A p r e f --------July
N ew Y o r k L ack a w a n n a A W estern --------IK
2
A ug.
N ew Y o r k O n ta rio A W e s te r n --------------July
N o r fo lk S ou th ern (q u a r.) - ............... .......
A
1
A ug.
N o r fo r k A W estern , preferred (q u a r.) —
July
4
N orth ern C e n tr a l___________ _____________
A ug.
N o r t h e r n P a c i f i c (quar.)............................
IK
July
N orth ern R R . o f N ew H a m psh ire (q u a r.)
1A
2
July
N o r w ic h A W orcester, p ref. (q u a r .) _____
July
O ld C o lo n y (q u a r .) --------------- -------------IK
June
3
P e n n s y l v a n i a C o m p a n y .....................................
2^
July
P h ilad elp h ia A T ren ton ( q u a r . ) ------------July
P i t t s . C l n . C h i c . A- S t . L . , c o m . A p f . ( q u . )
lK
Ju ly
P ltts b . F t. W . A C h ic., reg. guar, (q u a r.)
IK
July
S pecia l g u aran teed (q u a r .) .........................
IK
A ug.
3
R e a d in g C om p a n y , c o m m o n ------------------2
Sept.
F irst p r e fe rr e d .......... .................... - ..............
July
4
R ensselaer A S a ra to g a .....................................
4 A July
R lc h m . F red . A P o t o m . c o m . A d lv . ob llg .
July
R o m e A- C l i n t o n ............... .................. .............
3A
S t. L ou is A San F ra n cisco —
5
J u ly
C hica go A E ast. 111. c o m . tr. c e r t fs ___
P referred tru st cerfts. (q u a r .).......... .
l A July
1
July
K . C. F t. S . A M. p f. tr. ctfs. ( q u a r . ) . .
July
S t. L ouis S ou th w estern , p r e fe r r e d - ........
July
lA
S ou th ern P acific C o. (q u a r .) (N o . 1 9 ) . .
July
2A
Southw estern R R . o f G e o rg ia --------------1
July
T o le d o S t. L ou is A W estern , p ref. (q u a r.)
2 A July
U nion P acific, co m m o n (q u a r .) ................
2 A July
U n ited N . J. R R . A C an. C os., g u a r .(q u .)
July
2A
V a lley R R . (N . Y .) , g u a r ........ .................
July
5
V e r m o n t V a lle y ............ ......... ..................
J u ly
3
July
3
W rlg h tsv llle A T cn n llle, c o m . and p r e f . .
3

iA

3

Holders o f rec.
lune 16
to
Holders o f rec.
H olders o f rec
to
10 June 22
1 Holders o f rec.
1
3 M ay 29
to
1 H old ers o f rec.
1 H olders o f rec.
10 H olders o f rc c.
1 H olders o f rcc.
1 H old ers o f rec.
1 H olders o f rec.
1 June 27
to
1 H olders o f rec.
1 H olders o f rec.
1 H olders o f rec.
2 0 H olders o f rec.
1 H olders o f rec.
2 0 H olders o f rcc.

28
1
1
1

Ju !y 2 2a
J u n e (0
Jtine22o
J u ne30a
J u ly 10
June23a
June 3
June la
June20a
June 29
J u n e l5 a
June30a
July20a
Ju ly
4
J u n e l7 a
J u n e 2a
J une 2a
June23a
June30a
J u ly 5a

1 J une 16
to
J u ly
2
1 June 16
to
J u ly
2
18 H olders o f rec. J u ly 8 a
1 June 20
to
June 30
10 H olders o f rec. J u ly la
15 Ju ly
2
to
J u ly 14
15 H olders o f rec. J u ly
5
1 H olders o f rec. J u ly ll a
10 July
1
to
Ju ly 10
10 H olders o f rcc. June 20
10 H olders o f rec. June 20
17 H olders o f rec. June30a
1 H olders o f rec. A u g .
1
1 June 13
to
Ju ly
4
1 H olders o f rcc. June24a
3 H olders o f rec. June24a
15 H olders o f rcc. June30a
29 H olders o f rec. June30a
1 H olders o f r c c. June30a
15 H olders o f rec. July la
15 June 11
to
J u ly 14
1 H olders o f rcc. Jurie21a
10 Ju ly 21
to
A u g . 10
1 H olders o f rec. J u ly l5 a
1 H olders o f rec. June20a
1 H olders o f rec. J une 15a*
1 H olders o f rec. June 15a
29 H olders o f r c c. June30a
to
J u ly 14
15 J une 20
1 H olders o f rec. JunelO a
15 H olders o f rec. June20a
l H olders o f rec. A u g . la
1 H olders o f rec. J u n e l5 a
1 H olders o f rcc. J u n e l5 a
to
A u g . 14
14 J u ly 30
1 H olders o f rec. J u n elS a
18 H olders o f rec. Ju ly 3 1a
15 H olders o f rec. Junc30a
1 H old ers o f rec. July 6 a
1 H olders o f rec. June 5a
1 J une 18
to
June 30
1 H olders o f rcc. JunelO a
30 H olders o f rcc. June28a
10 Ju ly
1
to
J u ly 10
25 H olders o f r c c. July 15a
5 June 11
to
J u ly
5
1 June 11
to
J u ly
2
1 H olders o f rec. J u ly 15a
9 H olders o f rec. A u g .2 3 a
1 June 16
to
June 30
1 June 22
to
J u ly
1
1 June 21
to
June 30
1 J une 17
1 June 17
1 June 17

15
1

5
15
i

to
J u ly
2
to
J u ly
2
to
Ju ly
2
H olders o f rec. June30a
H olders o f w ar’ t N o 19a
June. 16
to
July
5
H olders o f rec. June30a
H olders o f rcc. June 3a
June 21
to
J une 30
H olders o f rec. June20o
H olders o f rcc. June21a

10
1
1
1
1 J une 17

to

J une 30

to
to

J u ly
J u ly

Street and Electric Railways.

A m er. Cities R y . A L ig h t, c o m . (N o . 5 ) - P referred (q u a r.) (N o . 2 0 ) ____ ______

2A
1H
2A
1A
K
1A
IK
2

July
July

Ju ly
July
July
July
June
Ju ly
B o s to n Subu rba n Elec. C o s ., p r e f. ( q u a r .) .
SI
l A July
Brazil R y ., preferred (q u a r .) .........................
July
B ro o k ly n R a pid T ra n sit (q u a r .) ............. .
IK
July
C apital T ra ctio n , W a sh ., D . C. ( q u a r . ) - 1A
July
C arolin a P o w e r A L t ., p ref. (q u .) (N o . 9)
IK
July
C h a ttan . R v . A L t., pref. (q u a r.) (N o . 8 )
1K
July
SI
C h ic. C ity A C on n . R v s ., c o m . p a rtlc. c t f .
P referred p a rticip a tion ce r tlilc a te s ........ 52.25 July
Vs July
C in cin n ati D a y ton A T o le d o , c o m m o n .July
P re fe r re d ...................... ......................... .........
2A
July
K
C lncln. A H a m ilton T r a c ., c o m . (q u a r .).
July
IK
P referred (q u a r .)............................................
July
C ln. N ew p ort A C o v . L t. A T r a c.,co m .(q u )
1K
July
P referred (q u a r .) ................................ ..
1A
July
1A
Cincinnati Street R v . (q u a r .) __________
July
2A
C itizen s’ E le c. S t ., N c w b u r y p o rt, M a s s ..
1 A July
C leveland R v . (q u a r .) .......... ............................
July
3
C olu m bu s (G a .) E lec. C o ., pref. (N o . 1 0 )_
July
C o lu m b u s (0 .) N ew ark A Z a n e s ,, p f. (q u .)
1A
July
2
C on solid a ted T ra ctio n o f N ew j e r s e y ___
Ju ly
2
D e n v e r A N orth w estern R y . ( q u a r . ) . . . .
July
D u lu th -S u p erior T r a c t ., co m m o n (q u a r.)
IK
July
P referred (q u a r .) ................. ..........................
l
E l P a s o E le ctric C o ., preferred (N o . 1 8 ).
3
J u ly
F t . S m i t h L i g h t A T r a c . . p r e f . ( q u a r . ) ____
Ju ly
IK
G erm a n tow n P assenger R v . (q u a r .) ------ 3 1.31 K Ju ly
2
Ju ly
H a lifa x E lec. T ra m w ay . L td . (q u .) (N o .58)
July
H es ton v . M antua A F a ir. P a s s .R y ..c o m . SI
P re fe r re d . . . .
. _____________ 51.50 July
4
July
H o l y o k e (Mass.) S t re et R y ................................
Ju ly
Illin ois T ra ctio n , preferred (q u a r .) .............
1A
3
July
In d ia n a p olis Street R y .....................................
3
July
In tersta te R a ilw a y s, preferred (N o . 1 )___
L a k e Shore E lectric I lv ., 1st pref. (q u a r.)
l A July
July
L it t le R o c k R y . & E lectric, c o m m o n ____
4
July
C om m on ( e x t r a )..............................................
1
P re fe r re d ............................................................
Ju ly
3
A u b u rn A S y ra cu se E lec. R R . , pref. (q u .)
A u rora E lgin A C hic. R R .. c o m . (q u a r .).
P referred ( q u a r . ) . . .............. ..... ...........
B a n g or R y . A E lectric (q u a r .) ................
B o s t o n A N o r t h e r n S t re e t R y . , c o m m o n . . .




1 June 18
1 June 18
1

2
2

15 H olders o f rec. J u ne30a
10 H olders o f rc c. ju n e 2 3 a
10 H olders o f rec. June23a
1 H olders o f rc c. June20a

30 H olders o f rec.
15 H olders o f rc c.
5 Ju ly 1
to
i H olders o f rec.
i lu ne 15
to
3 H olders o f rec.
1 H olders o f rec.
1 June 21
to
1 June 21
to
1 June 16
to
1 June 16
to
1 ■June 21
to
1 June 21
to
15 Ju ly
1
to
15 Ju ly
1
to
1 June 17
to
1 H olders o f rec.
1 H olders o f rec.
1 H olders o f rec.
1 June 25
to
15 J u ly
1
to
10 H olders o f rec.
1 H olders o f rec.
1 H olders o f rec.
10 H olders o f rec.
15 H olders o f rec.
5 June 15 to
to
3 June 20
1 J une 21
to
1 J une 21
to
1 H olders o f rec.
1 H olders o f rec.
1 J une 23
to
to
5 June 21
1 H olders o f rec.
1 June 23
to
1 J une 23
to
1 J une 23
to

June29a
J u ly 3a
Ju ly
4
J une 9 a
J une 30
June26a
J u n e l5 a
J une 30
J une 30
J u ly
1
J u ly
1
June 30
J une 30
J u ly 16
J u ly 16
J une 30
J u ne30a
J u n e l7 a
June20a
J une 30
J u ly 14
J u ly la
J u n e l7 a
J u n el7 a
June30fl
June 30
J u ly
4
ju ly
3
J une 30
June 30
June 30
J u n elS a
J u ly
2
J u ly
6
June20a
J u ly
l
J u ly
1
J u ly
1

Street mid Electric Railways (Concluded).
London (Canada) Street lty .............. .......
LouIsv.A Nor. R y.A Ltg., pf. A & B (qu.)
Louisville Traction, common (quar.)___
Manila EIcc. RR. & Ltg. Corp. (quar.)..
Massachusetts Electric Cos., preferred..
Memphis Street Ry., preferred (quar.)___
Nashville Railway & Light, com. (quar.)
Preferred (quar.)___________________
New England Invest. & Secur., pref___
New Orleans Ry. A Light, pref. (quar.)..
New York State Rys., com. (quar.)-----Preferred (quar.)....................................
Norfolk & Portsmouth Trac., pref. (quar.)
Ohio Traction, common____________ ___
Old Colony Street Ry., common............ —
Omaha A Council Bluffs St.Ry.,com.(qu.)
Preferred (quar.)....................................
Ottawa Electric Ry. (quar.)....................
Ottumwa (la.) Ry. & Light, pref. (quar.)..
Pacific Coast Power, common (No. 7 )___
Common (extra)............. ................. .....
Preferred (No. 2 )____________ _______
Philadelphia Company, common (quar.).
Common (extra)......................................
Porto Rico Rys., Ltd., pref. (quar.)----Puget Sound Elec. Ry., pref. (No. 11)__
Quebec Ry., LI., H. <{• P., Ltd.,com.(qu.).
Railways Company General (extra)____
Railway & Light Securities, com. (No. 4).
Preferred (No. 13)____________________
Reading Traction............................ - .........
Rio de Janeiro Tram., L. & P ., Ltd (quar.)
St. Charles St., New Orleans---------- -------St. Joseph lty.,L.,H .AP.,pf.(qu.)(N o.35)
Sao Paulo Tram., Light A Power (quar.)
Scioto Valley Trac. 1st pf. & pref. (quar.)
Seattle Electric Co., com. (quar.)..........
Second A Third Sts. Pass., Phila. (quar.)
Springfield <fc Xenia Ry., pref. (quar.)...
Susquehanna R y., L. A P., com. (No. 1)
Preferred.......................... ............. .........
Syracuse Rapid Transit, pref. (q u a r.)...
Terre Haute Indlannp. A Eastern, pref..
Texas Traction, pref. (quar.)....................
13th & 15th Streets Pass. Ry., Phila........
Toronto Ry. (quar.)..................................
Tri-City Ry. A Light, preferred (quar.)..
Twin City It. T., Mlnneap., com. (quar.)
Preferred (quar.)........ ........... ...............
Union Passenger Ry., Philadelphia__
Union Ry., Gas & Electric, pref. (qiuvflfv
Union Traction, Philadelphia..................
Union Utilities Co., common (quar.)___
United Electric Co. of New Jersey............
United Light & Rys., first preferred..........
Second preferred.............. ......................
United Power A Transportation..............
United Tract. & Elec., Providence (quar.)
Virginia Ry. A Power, preferred________
Wash. Water Power. Spokane (quar.)__
West End Street lty., Boston, preferred.
Western Ohio Ry., 2d pref. (quar.)____
West India Electric Co., Ltd. (No. 14)..
West Penn Traction, pref. (quar.)............
West Philadelphia Passengerlty________
Wheeling Traction (quar.)........................
Winnipeg Electric Ry. (quar.)__________
Youngstown & Ohio River RR., pref. (qu.)
Banks.
Aetna National (quar.)..............................
America, Bank o f........ ...............................
Battery Park National..............................
Broadway, Brooklyn (qttar.)____________
Bronx Borough__ _________ ___________
Bronx National.______________________
Butchers’ & Drovers’. National_________
Chase National (quar.)................................
Chelsea Exchange (quar.)..........................
Chemical National (bi-monthly)________
Citizens’ Central National (quar.)_______
City, National (Brooklyn)..........................
Coal A Iron National (quar.)............... ..
Colonial (quar.)..........................................
Columbia (No. 46)........................ - ...........
Commerce, National Bank of (quar.)----East River National..................................
Fifth Avenue (quar.)..................................
S p ecia l...... .............................................
Fifth National (quar.) (No. 144)............
First National, Brooklyn (quar.)................
First National (quar.)................................
First Security Co. (quar.)_______________
Fourth National (quar.)............................
German Exchange____________________
Hanover National (quar.)...... .................
Importers’ A Traders’ National........ .......
Irving National Exchange (quar.)..........
Jefferson.......... ..........................................
Liberty National (quar.)...................... - ­
Manhattan Co.. Bank of the (No. 210) —
Manufacturers’ Nat., Brooklyn (qtiar.)..
Markct A Fulton National (quar.)..........
Mechanics, Brooklyn (No. 118).......... —
Mercantile National (quar.)......................
Merchants' Exchange National_________
Merchants’ National (No. 216)_________
Metropolitan (quar.)..................................
Montauk, Brooklyn___________________
Mount Morris (quar.)____ ____________
Mutual........................................................
Nassau National, Brooklyn (quar.)........
New York, Bank of, N. B. A. (No. 255)-New York County National (No. 118)__
North Side, Brooklyn (No. 34)_________
Park, National (quar.)..............................
People’s (No. 120)......................................
People’s National, Brooklyn___________
Plaza.......................................... ..............
Prospect Park, Brooklyn (quar.)..............
Ridgewood, Brooklyn..................................
Seaboard National (quar.)........................
Second National (quar.)............................
S ta te...................... .................... ...............
Washington Heights, Bank of (quar.) —
West Side...... ............................................
Yorkvllle.....................................................
Trust Companies.
Bankers (quar.)............ .............................
Brooklyn (quar.)____________ _____ _____
Central (q u a r.)..........................................
Commercial of New Jersey (quar.)..........
Fidelity______________________________
Flatbush, Brooklyn___________________
Fulton (No. 38).....................................
Hudson.......................................................
Lawyers’ Title Ins. A Tr. (qu.) (No. 51)
Long Island Loan A Trust. Bklyn. (quar.)
Manhattan_____________ _________ ____
Mechanics of N. J. (quar.) (No. 48)........
Mutual Alliance (quar.)............................
People's, Brooklyn (monthly)....................

[V O L . L X X X X I i l
Per
Cent.

When
Payable.

Books Closed.
Days.Inclusive.

3 June 25 to July 2
July
1 June 26 to June 30
July
1 June 11 to June 15
July
1 Holders of rec. JunelOa
July
1 Holders of rcc. June 5a
July
June 30 June 22 to June 30
July
1 Holders of rec. JunelOa
July
1 Holders of rec. JunelOa
July
I Holders of rec. June20a
July 15 July 1 to July 15
July
1 Holders of rcc. June21a
July
I Holders of rec. June21a
July 10 Holders of rcc. June30a
1 Holders of rec. June26a
July
June 30 Holders of rcc. June29a
1 June 18 to June 30
July
1 June.18 to June 30
July
1
July
July 15 Holders of rec. June 30
July 17 Holders of rcc. July la
July 17 Holders of rcc. July la
July 17 Holders of rec. July la
1 Holders of rcc. July la
Aug.
1 Holders of rcc. July la
Allg.
1 June 21 to June 30
July
1 Holders of rec. June22a
July
July 15 Holders of rcc. June 30
uly
1 June 21 to June 30
1 Holders of rec. Julyl7a
Allg.
Aug
1 Holders of rcc. Julyl7a
July
1 June 21 to June 30
1
1 Holders of rec. June 30
July
July
1 Holders of rec. JunelSa
July
3 Holders of rec. JunelSa
1 June 27 to
July
............
July 15 Holders of rec. July la
July
1 Holders of rec. June 5
July
5 Holders of rcc. June 30
l June 16 to June 30
July
Sept, 1 Aug. 16 to
Aug. 31
1 Holders of rcc. June30a
July
1 June 21 to June 30
July
July 15 Holders of rec. July la
1 June 21 to June 30
July
July
3 Holders of rec. Juuel5a
1 Holders of rcc. June 23
July
I Holders of rec. Junel2u
July
1 Holders of rec. Junel5a
July
1 Holders of rec. Junel5a
July
1 Holders of rec. JunelOa
July
1 Holders of rec. June 9a
July
1 Holders of rec. Junc20a
July
1 Holders of rec. June30a
July
1 June 21 to June 30
July
1 June 21 to June 30
July
1 June 21 to July 2
July
1 June 14 to June 18
July
July 10 Holders of rec. June30a
1 Holders of rec. JunelSa
July
1 June 24 to July 2
July
July 10 Holders of rec. Junc30a
July
3 June 26 to July 2
July 15 Holders of rec. July 6
1 Holders of rec. JunelSa
July
July 15 Holders of rec. July la
1
1 June 20 to July 1
July
3
5 Holders of rec. June 30
K July

3

K
1
lK
52
lK
1
IK
2
IK
lA
IK
lK
1
3
1
IK
2A
IK
2A
50c.
3
1A
Aa
IK
3
1
5
2
3
l AS
IK
3
IK
2A
IK
IK
S3
IK
l
2A
1A
IK
1A
so
IK
1A
IV?
IK
$■1.75
lA
SI.50
A
2
1A
K
51.10
IK
2A
2
52
1A
IK
1A

July
2
July
13
July
3
July
4
10
July
July
2
July
3
July
5
July
2
2 A July
1A July
July
7
1 A July
2 A July
July
8
2
July
3
July
July
25
135
July
3
July
2
July
7
July
3
July
2
July
10
July
4
July
12
2
July
July
4
July
5
July
7
July
5
July
3
July
6
1A July
July
3
3 A July
July
2
July
2
July
3
July
4
July
3
July
7
July
20
July
3
July
4
July
5
2
July
10
July
l A July
2
July
3
July
3
July
5
July
2
July
July
0
July
10
4
5
9
4
3
4
5
3
3
3
6
5
1A
1

July
July
July
July
July
July
July
July
July
July
July
July
July
July

1 Holders of rcc. June 27
1 June 21 to July 2
1 June 23 to June 30
1 June 21 to June 30
I Holders of rec. Junc30a
1 June 21 to Juno 30
1 June 23 to June 30
1 Holders of rcc. June30a
1 Holders of rcc. June30a
1 June 25 to June 30
1 Holders of rcc ,June28a
1 June 21 to June 30
1 Holders of rec. June 14
1 Holders of rcc. June20a
1 June 22 to June 30
1 Jime 24 to July 2
1 June 22 to July 4
1 Holders of rec. June30a
1 Holders of rcc. June30a
1
1 June 30 to July 2
1 Holders of rcc. Junc30a
1 Holders of rcc. Junc30a
1 June 21 to July 2
1 Juno 21 to June 30
1 June 21 to June 30
1 June 21 to June 30
1 June 22 to July 2
1 June 27 to July 2
1 Holders of rec. June30a
1 June 27 to June 30
1 June 24 to Juno 30
1 Juno 21 to June 30
1 June 27 to Juno 30
1 June 25 to July 2
1 Holders of rcc. Jutie22a
1 Holders of rec. June22a
1 June 18 to June 30
1 June 16 to June 30
1 June 21 to June 30
1 June 23 to June 30
1 June 24 to
July 9
1 June 24 to June 30
l June 25 to July 1
1 June 21 to July 2
1 Holders of rcc. Jurie20a
1 June 25 to June 30
1 Holders of rec. June30a
1 June 28 to July 2
1 Juno 29 to June 30
1 June 24 to July 2
1 Holders of rcc. June26a
1 Holders of rcc. Junc29a
1 June 10 to June 30
1 July 1 to July 2
1 June 16 to July 2
1 June 24 to June 30
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 June 29 to
1 May 24 to
1 June 21 to
1 Holders of rcc.
1 June 21 to
1 June 16 to
1 Holders of rec.
1 Holders of rec.
1 June 29 to
1 June 25 to
liHolders of rcc.

June26a
June 22
Junc24a
June 30
May 28
Juno 30
June 19
June 30
July 2
Junel7a
June 7a
July 2
June 30
June30a

July 1 1911.]

THE CHRONICLE
Per
Cent.

Name o f Company.
T ru st C om p an ies (C o n c lu d e d ).
U n ion (q u a r .) .............................................
U n ited S ta te s .......... ...................................
W a sh in gton (q u a r .)...................... ...........
Fire Insurance.
C ity o f N ew Y o r k (q u a r .)............... ..
H a n o v e r (q u a r.) (N o . 1 1 9 ) . . ...............
M iscellaneous.
A lliance R e a lty (q u a r .)...........................
A m erica n B eet S ugar, p ref. (q u .) (N o .4 8 )
A m erica n Can, pref. (q u a r .)_____ _______
A m er. Car & F d y ., c o m . (q u a r.) (N o . 35)
P referred (q u a r.) (N o . 4 9 ) ........ ................
A m erica n Caram el, preferred (q u a r .)____
A m erican Cigar, p referred _____ ______ ___
A m erica n E x p ress (q u a r .)........ .....................
A m erica n G as A E lectric, co m . ( q u a r . ) . .
P referred (q u a r .)........................... ................
American Glue, preferred__________________
A m er. Iron A Steel M fg., co m . & p f. (q u .)
A m erica n L o co m o tiv e , preferred (q u a r .).
A m erica n M anufacturing (q u a r .)..................
A m erica n P la n o, pref. (q u a r.) (N o . 1 3 ) . .
A m er. P ip e A C on stru ction (q u a r .)_______
A m er. P ow er A L t., pref. (q u a r.) (N o . 7)
A m erica n Seeding M achine, c o m . (q u a r.)
C om m on (e x t r a ).............................................
P referred (q u a r .)............... ............................

American Shipbuilding, preferred (quar.).

A m er. Sm elt. A lt e f., co m . (q u .) (N o . 31)
P referred (q u a r.) (N o . 4 8 ) . . ............... ..
A m erica n Snuff, co m . (q u a r .) ......................
C om m on ( e x t r a ) . . .........................................
P referred (q u a r .).................... .......................
A m . S ugar R e fg ., co m . & pref. ( q u a r . ) . .
A m er. T elep h on e & T elegra ph ( q u a r . ) . . .
American Thread, preferred________________
A m erica n T o b a c c o , pref. (q u a r .).......... ..
A m erica n T y p e F ou n ders, c o m . (q u a r .).
P referred (q u a r .).........................................
A m erica n W oolen , pref. (q u a r.) (N o . 49)
Anaconda Copper Mining (quar.) (No. 43)

Associated Merchants, first pref. (quar.)..
First preferred (extra).......... ................
Second preferred (quar.)_____ _______
Second preferred (extra)_____ _______
B ell T elep h on e o f Canada, L td . ( q u a r . ) . .
B ell T elep h on e o f M issouri (q u a r .)_______
Bell Telephone of Venn, (quar.)____________
B liss (E . W .), preferred (q u a r .)....................
B o u r b o n S to ck Y a rd s (q u a r .).......... ...........
B ro o k ly n U nion G as (a u a r .)_____________
Bush Terminal, common.......... .......................
Preferred ............................................................
B u tto E l. A P ., c o m . (q u a r.) (N o . 2 7 ) . .
Canada Cement, Ltd., pref. (quar.) .............
Canadian Car A Fdy . , Ltd., pref. (quar.)

Canadian Consol, /lubber. Ltd., com. (qu.)

Preferred (quar.).................................... .........
C anadian G en. E le c ., L td ., co m . (q u a r .).
C anadian W c s tln g h o u s c ,L td .(q u .) (N o 2 6 )
E x t r a ________ ____________________________
C elluloid C om p an y (q u a r .)............... ...........
C entral Coal A C oke, com m on (q u a r .)___
P referred (q u a r .)............................................
C entral L eath er, pret. ( q u a r . ) . . .......... .......
C entral A S ou th Am erican T eleg . (q u a r.)
C h ic. J une. I ty s .A U .S t k .Y d s .,c o m .(q u .)
Preferred (q u a r .)_______________________
Chicago Pneumatic Tool (quar.)___________
Cincinnati G as A E lectric (q u a r .)...............
C ities S erv ice, co m m o n (m o n t h ly ).............
P referred (m o n th ly ) ................. ..................
C ity In v estin g , preferred ( q u a r . ) . . .............
Claflln (II. B.), common (quar.)___________
C olu m b u s (O .) G as A F uel, p ref. (q u a r .).
C olu m bu s (O .) L „ I I. A P ., c o m . (q u a r.)
P referred (q u a r .) ...................... ............. .......
C on solida ted Car H e a tin g ..................
. i E x t r a ...................................................................
C o n s .G a s .E I c c .L t .A P o w ., B a lt., c o m .( q .)
C onsum ers’ P ow er, preferred (q u a r .)____
Corn P ro d u cts R efining, p ref. (q u a r .)___
C u b a n -A m erican Sugar, p ref. (q u a r.)
C u m berland T el. A T el. (q u a r .) (N o . I l l )
Delaware Lackawanna A West. Coal (qu.)
D e tro it E d ison (q u a r .)_________ _______
D istillers’ Securities C orp. (q u .) (N o . 35)
D istillin g C o. o f A m erica , p ref. (q u a r .).
D om in ion Steel C o rp ., L td . (N o . I ) ____
D u lu th E d ison E le c., pref. (q u .) (N o . 21)
d u P o n t In tern a t. P ow d er, pref. (q u a r .).
d u P o n t d o N em ours P o w d ., pref. (q u a r.)
E astm an K od a k , com m on (q u a r .).............
C om m on (e x t r a ).........................................
P referred (q u a r .)...........................................
Edison Klee. III., Boston (quar.) (No. 8 9 ) .
E lectrica l S ecurities C orp ., pref. (q u a r .).
Electrical Utilities Corp., pf. (qu.) (No. 5)
E lectric S tora g e B a ttery , c o m .A p f. (q u .)
E m p ire Steel A Iron , p ref. (N o . 2 5 ) _____
G eneral C hem ical, preferred (q u a r .)____
G eneral C hem ical o f C al., 1st p ref. (q u a r.)
G eneral E lectric (q u a r .)_________ ________
G old field C on solida ted M ines (q u a r .)____
E x t r a ........ ........................................................
G orh a m M anufacturing, p ref. ( q u a r . ) . . .
G uggenheim E x p lora tion (q u a r.) (N o . 34)
G rea t L akes T ow in g , preferred ( q u a r . ) . .
Harbison-Walker Refrac., pref. (quar.)..

H a rt, S chaffner A M arx, p ref. (N o . 1 )___
In g ersoll-Ita n d , preferred ............................. ..
In tercon tin en ta l R u b b er, co m m o n (q u a r.)

International Agricultural Corporation.pref
Int’nal. Buttonhole Sew.Mach.(qu.)(No 55)
In tern a t. C otton Mills C orp. (q u a r )
In te rn a t. H a rv ester, co m . (q u .) (N o . 0 ) '
In tern a tion a l N ick el, co m m o n ( q u a r . ) . . I
Preferred ( q u a r . ) . . ................. ......... ............

Intcrmtlonal Paper, preferred (quar.) IIII

I

In tern ation al S ilver, pref. (q u a r .)..........
P referred (e x t r a )............................................
In tern a t. S m okeless P ow . A C h .c o m .(q u .)
K ansas G as A E le c., pref. (q u .) (N o . 5 ) . .
La R ose C on solidated M ines (q u a r .)_____
L a w y ers’ M ortgage (q u a r.) (N o . 3 9 ) ..........
Lehigh Coal A Navigation (quar.) (No. 131)
L ou isville G a s .......................................................
M a ck ay C om p anies, com . (q u .) (N o . 24)
Preferred (q u a r.) (N o . 3 0 ) .........................
M assachusetts G as C os., co m . (q u a r .)___
M assachusetts L ighting Cos. (q u .) (N o .3 1 )
M ay D ep a rtm en t Stores, pref. (q u a r.) —
M ex ica n T eleg ra ph (q u a r .).............................
M ichigan L ig h t, preferred (q u a r .)...............
M ichigan S ta te T elep h on e, p r e f.. (q u a r.)
N a tion al B iscu it, c o m . (q u .) (N o . 5 1 ) - Nallonal Carbon, common (quar.)________
National Fire Proofing, pref. (quar.)____
N a tion al G as, E l. L . A P o w ., p ref. (q u a r.)
National Licorice, common................................
National Light, Ileal A Power (quar.)____




12X

25
3

2x

When
Payable.
J u ly
Ju ly
July

Books Closed.
Days Inclusive.

10 J u ly
6
to
J u ly
9
June 20
to
J une 30
H old ers o f r c c . J une 24

Ju ly
Ju ly

June 30
J une 24

July
J u ly
July
IX
July
July
2
Ju ly
July
3
$3
July
July
IX
*ug.
4
A ug.
July
July
July
IX
July
IX
2
July
July
IX
Ju ly
Ju ly
X
Ju ly
July
IX
July
July
IX
July
5
July
2
Ju ly
IX
July
IX
July
2
July
2X
Ju ly
IX
July
J u ly
IX
J u ly
IX
50c. Ju ly
Ju ly
IX
Ju ly
X
Ju ly
IX
Ju ly
X
2
July
July
J u ly
2
July
J u ly
IX
i x July
2
J u ly
J u ly
3
July
IX
A ug.
IX
July
IX
J u ly
July
IX
i x July
July
IX
July
X
July
IX
i x J u ly
July
IX
July
IX
July
IX
July
2
July
IX
l
July
July
IX
July
X
X July
Julv
IX
July
IX
i x July
July
IX
i x July
2e
July
2
July
July
IX
i x July
1
July
July
IX
2
July
July
2X
i x July
X July
1
July
1
July
July
IX
i x July
i x July
244 July
5 ■ July
July
IX
3
A ug.
A ug.
IX
i x July
1
July
1
July
Inly
1X
July
IX
2
July
30c. July
20c. July
July
IX
2 X July
July
\X
Inly
IX
( f ) July
July
3
A ug.
■IX July
l
July
Inly
IX
i x Fuly
2 X Sept.
A ug.
IX
July
X
fu ly
IX
X Inly
July
X
July
IX
2
lu ly
3
fu ly
2
A ug.
3
Fuly
\x July
1
July
1
A ug.
I X July
July
IX
2 \^x July
July
IX
IX
\Ug.
Fuly
IX
Fuly
ix
1
ruly
Tilly
IX
2
Fuly
i x July

H old ers
H olders
H old ers
H olders
H old ers

4

2

1x
x
ix

IX
IX
IX

1
IX
1

1

1
ix

1

1

J u ly
J u ly
of
of
of
of
of

r c c.
r c c.
r c c.
r c c.
r c c.

Ju ly
5
June20a
Ju n elfia
J une 9a
J u n e 9a

H old ers o f r c c . J u n el5 a
H old ers o f rec. M ay31a
June 23
to
Ju ly
'
J u ly 21
to
A ug.
Ju ly 11
to
A ug.
H old ers o f rec. June20a
Ju ly
0
to
J u ly 23
H old ers o f rec. J une 16
June 25
to
July
H olders o f rec. J u n el5 a
June 24
to
Ju ly
_
H old ers o f r c c . June30a
H old ers o f rc c .Jun e30a
H olders o f rec. June30a
June 28
to
J u ly 16
J une 24
to
J u ly
J u n e 10
to
J une 18
H olders o f rec. J u n e l5 a
H olders o f rec. J u n e l5 a
H olders o f rec. J u n e lS a
H old ers o f rec. J u n e la
H old ers o f rec. June30a
M ay 18
to
M ay 31
H olders o f rec. J u n e l2 a
H olders o f r c c. Ju ly l()a
H olders o f rec. J u ly 10a
June 24
to
J u ly
6
H old ers o f rec. J u lp 6a
H olders o f rec. J u ly
8
H olders o f rec. J u ly
8
H olders o f r c c . J u ly
8
H olders o f rec. Ju ly
8
H olders o f rec. J u ne24a
June 27
to
J u ly
2
J u ly
0
to
J u ly 16
J une 23
to
J une 30
June 28
to
June 18
to
J________
une 30
H olders o f rcc. June30a
H olders o f rec. Junc30a
H olders o f rc c. June20a
H olders o f rec. J u ly 31
H olders o f rec. J une 30
H olders o f rcc. J u n e 24
H olders o f r c c. J une 24
June
15 t o
J une 30
July
1 to
J u ly
9
Ju ly
1 to
J u ly
9
H olders o f rec. J u n e l4 a
J u ly
1 to
Ju ly 15
Ju ly
1 to
J u ly 15
H olders o f rcc. J unclO a
H olders o f rec. June30a
H olders o f rcc. J u n e l2 a
1 H olders o f rcc. J u n c l2 a
26
f rec. J u ly 15
1
to
J uno 21
1
1
1 H olders o f rec. J une 24
15 H olders o f rec. J u ly 7a
1 H olders o f rcc. J une 15a
1 H olders o f r c c. J u n elS a
1 H olders o f rec. J u n e l5 a
15 H olders o f rec. J une 30
15 H olders o f rec. June 30
1
l
to
J une 30
1
s o f rc c. JunelO a
15 H olders o f r c c. June30a
1
1
15
15
31
29 :
3 :
i ;
l i
25 ,
to
J u ly 25
1 1
1 I
F1
1 1
1 1
15 1
1 1
1.
to
Ju ly
2
1 1
1 I
15 1
31 1
31 1
1 I
1 1
July
2
1 1
20 1
1 F
1 I
1 1
to
J u ly 31
15 I
f rec. J une 30
15 1
f rcc J u ly
5
I I
15 1
1 A
S ep t.
1 F
Aug
15 I
1 J
Ju ly
1 F
Ju ly
1 1
I ,1
J u lv
2
20 .1
J u ly 17
1 1
31 1
1 I
1 I
1 I
1 I
15 1
1 I
15 I
1 I
1 F
to
A ug. 1
15 I
t rco. June2Ra
15 J
to
J u ly 16
15 I
f rcc. J u ly 6
1J
to
J u ly 2
7 J
to
J u ly 9
1J
to
J une 30

21
Per
C e nt.

Name of Company.
..
M iscellan eou s (C o n clu d e d ).
N a t on a l Sugar, preferred (q u a r .)............. .
N a tion al S u rety (q u a r .)___________
N eb ra sk a T elep h on e (q u a r.)
N ew O rleans G as L ig h t
N ew Y o r k A ir B rake (q u a r j ........................
N . Y M ortga g e A S ecu rity ( q u a r . ) '” ' "
N ew Y o r k M utual G as L ig h t
N iagara F alls P o w e r (q u a r ) .............
N lplsslng M ines ( q u a r . ) . .
........................
E x t r a .......... ............. ...........
.................
N orth A m erica n C o. (a u a r"> 1 1 1 1 1 1 1 1 1 ""'
Northern Stales Potter, pref. (quar.)I~ ~11
N o v a S cotia Steel A Coal, co m m o n (q u a r.)
P referred (q u a r .) ................................
Oklahoma Gas A Elec., pref. (quar )
O ld D om in ion S team ship (N o . 7 1 )1 ...........

Omaha Water, first preferred
Second preferred................. .....................

O tis E le v a to r, co m m o n (q u a r.) . . .
""
P referred (q u a r .) ........................... ........
P acific T c le p A T e le g ., p ref. (q u a r .)____
, ter ^ ar C o r p ., p r e f. ( q u . ) .
Pittsburgh Coal, preferred (quar.)_________
P ittsb u rg h P la te Glass, co m m o n (q u a r.)
P op e M an u fa ctu rin g, p ref. (q u a r .) _ _ _ _ _ I
P ro cte r A G a m b le, preferred (q u a r )
Public Securities, p referred .. ___ ’
Q uak er O ats, co m m o n (q u a r .) ............... ..
Preferred ( q u a r . ) . .................... -.1 1 1 1
R ea lty A s socia tes............................. * ‘ ” " ‘
Reece But.Hole Mach, (qu.) ( A 'o I l O l ) ! !
R ep u b lic Iron A Steel, p r c f.( q u .)( N o .3 8 )
R h o d e Isl.-P erk in s H orseshoe, p f. ( q u . ) .
S a fety Car H ea tin g A L tg . (q u a r )
San Diego Consd. Gas A El., pref. (qu.)'.'.
Scran ton E lectric, preferred (q u a r.)
Sears. R o e b u ck A C o., pref. (q u a r.)
Securities C o m p a n y ................................
Shaw lnlgan W a ter A P ow er (q u a r .)_____
S loss-Sheffleid Steel A Iron , p ref. (q u a r.)

Southern New England Telephone (quar.).

S ou th P o rto R ic o S ugar, c o m . (q u a r.) ■ "
Preferred ( q u a r . ) .................................. I .
Sta n da rd Screw , co m m o n and preferred
S u b w a y R e a lty (q u a r .)..................
S u lzberger A S on s C o ., p ref. ( q u a r , ) . . I I
S w ift A C o. (q u a r.) (N o . 9 9 ) ........ ..............
T orrln g ton C om p a n y , p r e fe r r e d ...................
U n d erw ood T y p ew riter, c o m . ( q u .H N o .l )
P referred (q u a r .) ...................... ..................
U n ion B a g A P a p er, p ref. (q u .) (N o . 49)
U n ion C a rb id e (q u a r .)_____________________
U n ion G as A E le c., C ln ., p ref. (a n n u a l) ..
U n ion S w itch A Signal, c o m . A p f. ( q u . ) .
U n ited G as A E lec, o f N ew Jersey, p r e f . .
Unlted Bank N ote C orp ., p ref. ( q u a r . ) . .
U nited C igar S tores, C orp. o f (q u a r .)____
E x tra _____________________________
U nited F ru it (q u a r.) (N o . 48> 1 1 1 I I I I I I I
U n ited G as Im p rov em en t (q u a r .)...............
U nited Sh oe M a chinery, co m m o n (q u a r.)
P referred (q u a r .)............... ............. ..
U . S. F inishing, co m . (q u a r.) (N o . 10) "
Preferred (q u a r.) (N o . 4 8 ) .................." *
U. S. Industrial Alcohol, pref. (quar.) I I I I
U . S . L ight A H eating, p referred ________
U . S. P rin tin g o f N ew Jersey ( q u a r . ) . . I I
U . S . P rin tin g o f O hio, pref. (q u a r .) ____ I
U. S. Radiator Corp., pref. (quar.).............
U . S. S m elt., R e f. A M in., c o m . (q u a r.)
P referred (q u a r .)................. ....................... I
U. S. Worsted, preferred (quar.)....................
Uswoco Mills, preferred (quar.)___________
U tah G as A C ok e, preferred (q u a r .)..........
V a .-C a ro . C hem ical, p f. (q u .) (N o . 6 3 ) . .

Vulcan Dctinninq, pref. (quar.)

IX

3
IX

S3
IX

3
4
2
5
2X
IX
IX
IX
2
IX

3
5
4
1
IX

ix
ix
IX
ix
IX

2
3X
2X
IX
3

2

ix

1
2

IX

ix
ix
2X
ix
ix
ix
1
2

3
IX
IX

ix

3X

1

ix

1
2

6
3

2X
IX
IX
2

X

2
2
IX

1
IX
IX
3X
ix
IX
ix
1
IX

ix
IX

ix

2

IX

W hen
P ayable.

Ju ly
Ju ly
Ju ly
Ju ly
J u ly
July
July
J u ly
J u ly
Ju ly
J u ly
July
July
July
July
July
J u ly
July
July
July
July
July
July
J u ly
July
July
J u ly
Ju ly
A ug.
Ju ly
J u ly
July
July
J u ly
J u ly
July
July
J u lv
Ju ly
J u ly
J u ly
July
J u ly
July
July
J u ly
July
July
July
July
J u ly
July
July
J u ly
Ju ly
Ju ly
July
July
Ju ly
Ju ly
July
July
Ju ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
Ju ly
J u ly
J u ly
J u ly
Ju ly
J u ly
Ju ly
Ju ly
Ju ly
Ju ly
J u ly
J u ly
J u ly

W ells, F argo A C o .........................
5
Western States Gas A Elec., pref. (quar. ) _ .
IX
W estern U nion T eleg . (q u a r.) (N o . 1 6 9 ).
X
W estln g h ou se A ir B rake (q u a r.)
2X
E x tra ........................................ .......
IX
Special _________________ H I I
..............
W estln g h ouse E l. A Mfg ., pref.~(~quaY.)II
IX
T ra
b o o ki cs n
n aa
v -ih
innosfer
w Tnit,
i nott iclosed . ^ L c®® in com e ta x .

1

Books Closed.
Days .Inclusive.

3 H old ers o f rc c. J u n e 20
1 June 21 to
J u ly
2
1< Ju ly
1 to
Ju ly
10
15 H olders o f r c c. June 3 0
28 H olders o f rec. J u ly 7 a
1 H old ers o f r c c . J une 24
If] H old ers o f rec. June27a
15 H old ers o f r e c . J u n e 3 0 a
20 J u ly
1 to
J u ly 17
20 J u ly
1 to
J u ly 17
1 H old ers o f rec. J u n c l5 a
15 H old ers o f rec. J u n e 30
15 H olders o f r c c. Jun c3 0a
15 H olders o f r c c. J u ne30a
15 H olders o f rec. J u n e 30
1 June 21
to
J une 3 0
15 H olders o f rec. J u ly
1
15 H olders o f r c c. J u ly
1
15 H olders o f rec. J u n e 30
15 H olders o f r c c. J u n e 30
15 July
1
to
J u ly 15
15 J u ly
6 t o J u ly
14
25 H olders o f rec. J u ly 12
1 J une 16
to
J u ly
1
31 H olders o f rec. J u n e 24
15 H olders o f rec. June30a
1 June 25
to
J une 30
15 H olders o f rec. J u ly la
31 H olders o f rcc. A u g . la
15 H old ers o f r c c . J u ly
5
15 H olders o f rec. J u ly
5
1 H olders o f rec. J u n e l6 a
15 H olders o f rec. J u ly
1
1 H olders o f rec. J u n e l4 a
15 H old ers o f rec. J u n e 3 0
1 June 24
to
Ju ly
2
I H olders o f rec. J u n e l5 a
15 July
1
to
J u ly 16
20 H old ers o f rec. J u ly
7
1 H old ers o f rec. J u n e l7 a
15 ' \
1
to
J u ly 15
1 H old ers o f rec. June21a
1 H olders o f rec. June21a
1
1
1
6
to
J une 3 0
3
s o f rec. J u n e 10
1
1
to
J une 30
1 H olders o f rec. J u n e 20a
1 H o ld e r s o f rec. J u n e 20a
15 H olders o f rec. June30a
1
7
to
J une 30
1 June 2 6
to
June 30
10
1
to
J u ly 10
15
1
to
J u ly 14
1
16
to
J u ly
2
15
2
to
J u ly 16
15
2
to
J u ly 16
15
15
5
5
1 H old ers o f rec. J u n e 20
1 H old ers o f rec. J une 20
15 H olders o f r c c . J u ly 8a
2 0 H old ers o f rec. J u ne30a
1 J u n e 22
to
J u ly
2
1 J une 21
to
J u ly
2
15 J u n e 22
to
J une 3 0
15 H old ers o f rec. J une 3 0
15 H old ers o f rc c. J u n e 30
15 J u ly
2
to
J u ly 14
15 H old ers o f rec. J u n e 3 0
1 J une 27
to
J une 30
15 J u n e 18 t o
J u ly 19
20 H olders o f rec. J u ly 10
15 J u ly
6
to
J u ly 16
15 H old ers o f rec. J une 3 0
15 H old ers o f rec. June20a
10 J u ly
1 to
J u ly 10
10 Ju ly
1 to
J u ly 10
10 Ju ly
1 to
J u ly 10
15 H olders o f rec. June30a

d C orrection . e D ecla red 4 % ;
S f
i f
1 r., 19,1 an<1 aTc J Hn ‘ ? 5 lV 2'
» * 0 f 7 % per annum fo r p eriod
Nnv* i
i£5at0 J , y '■ / A lso declared X % ex tra on co m m o n s to c k , p a y a b le
N o v . 1 to holders o f record O ct. 2. h P a y a b le In sto c k .
A u c t i o n S a l e s .— A m o n g o th e r s e c u r itie s , th e fo llo w in g , n o t
r e g u l a r l y d e a l t in a t t h e B o a r d , w e r e r e c e n t l y s o l d a t a u c t i o n
in N e w Y o r k , B o s t o n a n d P h i l a d e l p h i a .
B y M e s s r s . A d r i a n H . M u lle r & S o n s , N e w Y o r k :

Shares.
38
28
72
25
20

•

Per cent. Bonds.

Per cent.

Sub u rb an A u to E x p . C o ._ S 1 4 lot
W estch ester C o. B r e w .S 2 ,650 lot
W estch ester C o. B rew . 5 6,692 lot
C ou p le-G ea r C o. o f N . Y . S105 lot
In tern a t. L u m ber A D evel.
C o ., $300 e a ch _____________ $180
M ogul D rainage B T ransp
T u n . A M . A Mill. C o..
SI e a c h .......................................$10 lot
Ira n k lln T ru st C o ........ ............ 192
B a t. P k . N a t. B a n k .. .
150
N or. A m . L ife Ins. C o.,
N ew a rk , trustee c c r t f . .......... 24844
N at, Park B a n k ................. ..37 24 -4
M ercantile N a t. B a n k ........... .1 5 5
F id elity T ru st C o ___________ 220
J ackson R ea lty C o. o f N ew
Y o r k .................................... S 15.112 50

5 1 .0 1 5 .0 0 0 T h e Im p eria l C o p p .)
C o. o f A rizona 6 s ......................
5 90 .00 0
D ev elop m en t C o. o f
A m . 15-yr. 6 s.........................__
5 25 0.0 00 T o m b s to n e C on solld.
M ines C o. o f A rlz, 6 s ________
2 0 ,0 0 0
100.000 T o m b s to n e C ons. M ’ s
C o. o f A rizon a , 510 e a c h ____ 15100,000
„„
5 72 5.0 00 D em and n otes o f I m ­
70
perial C op p er C o _____________ I
10
5 1 .5 0 0 .0 0 0 D em a n d n otes of|
10
T o m b s to n e C onsol. M ines C o. J
$ 4,175 99 D ep osit In U n ion B a n k
25
o f B r o o k ly n ........................... ............30
150
5 4 .0 00
C ent. In d . L tg . C o. 1st ref
25
5s, 1927. M . A N .......... ............25 A Int,
25
5 1.0 00 28th A 29th S t. C rosstow n
R R . 1st 5s, 1996 (tru st co m p a n y
certifica te o f d e p o s it )...............
\0X
$ 1 0 ,00 0 N . J. A P enna. R R . C o. 1st
5s, 1927. J. A D . D e c . 1910
Bonds.
Per cent.
co u p , a t ta c h e d .....................................40
5 7.0 00 II. L . B row n A C o ., I n c .,
$ 5 0 ,00 0 S a ddle M tn . M ining C o .)
1st 6s, 1919. A . A O . O ct.
1st A ref. 6s, 1913. A p ril!
1910 cou p on s atta ch ed .............S200 lot
1911 co u p o n s a t ta c h e d .............
5 5 .0 00 City o f N . Y . 3 44s, ta x82.0 00 Gila C op p er S u lph ide C o .. 1525,000
e x em p t. 1954. M. A N ..S S X A Int.
5 10 e a c h ......................................... j i0t.
5 1 .0 00 T an a n a V a lley R R . 1st 6s,
5 15 0.0 00 D em an d n o te s o f I m ­
S. F ., 1926. J. A D ................. 43 A Int.
perial C op p er C o ______________ j

B y M e s s r s . R . L . D a y & C o ., B o s t o n :

Shares.
1
25
1
3
10
8

5 per sh. Shares.
5 per sh.
N a t. Shaw m ut B k. ( e x -d lv .).4 0 0 J f 6,0 0 0 M axflcld M g. C o ., U tah, 510
F ederal T ru st C o ........................ 1.38
each, assessm ent p a id .............$ 30 lo t
D w igh t M fg. C o. ( e x - d iv .) ..1 1 7 0
2 00 B rook lin e R lverd a le L a n d A ss’ n 9 5c
P acific Mills. 51,0 00 e a c h . . .3 5 5 0
20 Mass. B on d in g A In s. C o ____ 158
G reat F alls M fg. C o ................. 1884^
Q u in cy M kt. Cold S to r. A
Bonds.
per cent.
W a rehouse C o. rights ............ 1 2 X
5 1 .2 00 B u rl. A M o. R Iv . R R . 6 s.’ 18 103 X

B y M e ssr s. S a m u e l T . F r e e m a n & C o ., P h ila d e lp h ia :

Bonds.

Per cent. I Bonds.
Per cent
g 9Snnn r a v nf P h i K ^ ^ i o a n 1 91 3 ' ^ ^
5 2 ,0 0 0 In tern a t. N a v . 1st 5s, 1 9 2 9 . 82X
82,000 C ity o f I hlla. 3s, 193 0 -------- 8 9 X | 5500 N o. Springfield W a ter 1st 5s,
$ 2 ,0 00 C ity o f P hlla. 344s. 1 9 3 4 . . . 9 4 4 4 |

1928

.100

[VOL. LXXXXlJl.

THE CHRONICLE

22

DETAILED RETURNS OF TRUST COMPANIES.
B y M e s s r s . B a r n e s & L o f la n d , P h ila d e lp h ia .

Shares.
S per sh.
38 J. G. Brill Co., preferred----- 94-94M
(j Phlla. Bourse, com., $50 each. 4
5 Delong Hook & Eye Co---------- 10094
1 John B. Stetson Co., com ........ 508
10 Wm. Cramp & Sons Ship & En­
gine Bldg. Co., vot. trust ctfs. 16)4
10 Keystone Watch Case Co---------104

Shares. 1
s per sh'
275 H Chic. Terre Haute & South­
eastern Ky. Co. com. voting
trust certificates------------------- 20
20 Phlla. l.lfe Ins. Co., $10 each.. 1094
5 Kensington Nat. Bank, S50 ea. 10094
96 Union Passenger Ry. Co........... 200
26 Corn Exchange Nat. Bank.286-286J4
19 Na lonal Bank of Germantown,
Percent.
$50 each____________________14893Bonds.
f27 Bank of North America__ 317-319)4 $10,000 Chic. Terre Haute & South­
eastern Ry. temp. Inc., I9 6 0 ---- 42
10 North Penn Bank — 1.............120
$3,000 Altoona Gas Co. 1st 5s 1932 97)4
6 Girard National Bank...............350
4 Union National Bank...............215)4 $1,000 Phlla. Wllm. & Balt. R ll.
Co. 4s, 1921...............................
99K
30 Fidelity Trust C o ............ 951-960J4
$2,000 Harrison Bros. & Co. (Inc.)
16 West Phlla. Title & Trust Co.,
5s, 1 9 2 4 ...------- ------------- 81
$50 each__________________125
15 Mutual Trust Co.......................... 46)4 $1,000 St. Joseph R y., Lt. Ht. &
Power Co. 5s, 1937------------------- 98Ji
38 Northern Trust Co........ ............385
16 Real Estate Trust Co., pref..99-99)4 $3,000 The Netherlands Co. 6s. Inc.. 60
1925.
1)4 Independence Tr. Co. (scrip) 51)4
$5,000 Chattanooga Rys. Co. 5s,
2 Second & Third Sts.Pass.Ry.Co.253
cons’d, 1956----------------------------- 93)4
2 Frankford & Southwark Pass.
$1,000 Springfield Wat.Co.5s,1926.100
Ry. Co...............
377
$1 000 North Springfield Water Co.
60 People’s Nat. Fire Insur. Co.,
5s. 1928-----------------------------------100
$25 each__________________33-35
C a n a d i a n B a n k C l e a r i n g s .— T h e c le a r i n g s f o r t h e w e e k e n d ­
in g J u n e 2 4 a t C a n a d ia n c itie s , in c o m p a r is o n w ith th e s a m e
w e e k o f 1 9 1 0 , s h o w s a n in c r e a s e in t h e a g g r e g a t e o f o . 5 % .

Week ending June 24.
Clearings at—
1911.

Inc. or
Dec.

1909.

$
%
$
C anada—
—4.5 34,968,745 27,864,870
M on treal........................ 37,124,207 38,893,104
18,368,710
Toronto_______________ 29,489,966 26.456.396 + 11.5 26,864,939
8,398,637
+ 8.5 11,296,991
W innipeg........................ 17.858,412 16,465,006
+ 7.0 5,052,702 3,325,623
9,124,467 8,527,157
Vancouver____________
2,803,464 3,467,408
—
1.9
3,327,357
3,265,222
Ottaw a............................
+ 6.2 2,301,443 2,007,956
2,188,623
2,324,189
Q uebec...........................
1,803,604
1,872,179
1,823,409 —31.7
1,244,609
H alifax............................
1,308,053
1,410,767
+ 6.7
2,018.489
2,154.730
H amilton.......... - ...........
1,310,099 1 ,3 4 2 ,4 7 0
1,531.627 — 13.4
1,325,830
St. John................ .........
907,328
— 1.6 1,158,591
1,177,550
1,159,239
London ..........................
1,164,690
+ 8.7 2,204,214
3,680,416 3,384,536
Calgary ---------------------1,024,104
1,746,147
2,351,238 2,863,190 — 17.9
Victoria.................. .........
653,865
1,027,610
1,161,494 + 98.6
2,306,639
E dm onton____________
943,588 + 29.0
1,216,948
R e g in a ............................
470,614
—0.1
470.130
Brandon........................
892,000 Not Include d In tot al
Saskatoon.............. .........
714.000 Not Include d In tot al
Moose Jaw------------ -----631.000 Not Include d In tot al
Lethbridge....................
527,000!Not Include d In tot al
Brantford -----------------115,096,242| 111,232,230 + 3.5 94,017,891 71,637,318
Total, Canada-

Net
On Dep.
Lcgals. uith CM Deposits.
Average. Hanks. Average.

Surplus.

T ru st C os .

00s omitted.
Manhattan . . .
B ro o k ly n -----Bankers ........
XT. S. Mtg.& Tr
A lt >r............ i me Guar.&Tr
Guaranty........
Fidelity..........
Mercantile . . .
LawyersT.I.&T
Columbia........
Standard ----People’s ____
New York----Franklin------Lincoln ..........
Metropolitan..

S
2.331.4
2.397.2
7.501.7
4.446.4
1,043,1
11.429.9
22.977.9
1.272.4
7.620.0
6.453.8
1.813.1
1.426.3
1.727.4
11,183,3
977,4
582,0
8.107.4

T o ta ls , A v g c .

93,290,7

S
S
67.0 1.950.0
497.0 1.818.0
526.0 7,628.0
797.0 4.313.0
26.0 1.733.0
1.503.0 2.977.0
1.078.0 29,122,0
783,0
230.0
13.0 8.280.0
738.0 1.712.0
90.0 1.243.0
10.0 2.290.0
400.0 1.825.0
226.0 3.915.0
279.0 1.369.0
212.0 1.179.0
12,0 4.313.0

16.2 + 15.3
61.731.0 6.764.0 76.450.0 421.266.0
15.8 + 14.5
60.525.0 6.795.0 72.239.0 424.879.0

Actual figures June 24

The capital of the trust companies Is as follows:
a~oanb0 0 0 °'A 3 t o r ^ 25o!n isL ^$4,375,000;
s^ ^ '.o o o ^ 'GGuaranty,
^ a i^ ty V ss.o
0; Title Guarantee & ^Trust,
W. o o .p o o i^ F id e iiQ ^ jii0,000; M e r c a n t i l e , $2,000,OW L a s e r s litU Ins.
> ^ Y ork S3 000,000;
ooo’
„
$ i ..............
Franklin, $1,500,000;
$35,125,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.

'*1

Week
ending
June 24.

The

S ta te

r e tu r n s o f
charge.
in

th e

B a n k in g

th e

S ta te

DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases

w h o le

S ta te,

N ew

Y ork )

and

Bank of N. Y .
Manhattan Co.
Merchants’ __
Mech.& Metals
A m erica____
City ..............
Chemical........
Merch. E xch ..
Gallatin..........
Butch. & Drov
Greenwich__
Amer. E xch ..
Commerce___
Mercantile__
Pacific ..........
Chath. & Phcn
People’s —
Hanover — - Citizens’ Cent.
Nassau .. .
Market <fe Fult.
Metropolitan .
Corn Exchange
Imp. & T rad..
P a r k ---------East River__
F o u rth --------S econ d --------F ir s t..............
Irving E xch ..
Bowery ........
N. Y. County.
German-Amcr.
Chase........ .....
Fifth Avenue.
German Exch.
Germania___
Lincoln _____
Garfield..........
F ifth ............
Metropolis —
West Side___
Seaboard__ _
Liberty..........
N. Y. Prod.Ex
State ___
14th Street__
Coal & Iron..
Union E xch ..

$
%
19.526.0 26.6
41.900.0 26.5
22.021.0 25.1
57.429.0 26.9
28.035.0 25.7
188.571.0 37.4
32.304.0 20.8
7.257.0 24.5
6.717.0 26.4
2.644.0 29.3
9.192.0 25.0
45.189.0 25.5
136.157.0 30.5
11.018.0 25.7
3.437.0 25.1
15.319.0 25.3
2.285.0 29.3
81.544.0 25.6
22.651.0 27.3
10.651.0 25.0
8.945.0 28.1
10.577.0 26.8
60.074.0 25.0
24.507.0 25.8
88.741.0 25.2
1.717.0 29.7
42.856.0 26.4
13.696.0 26.7
134,906,0 28.6
20,074,0,20.1
3.586.0 25.0
8,219,0,25.0
3.945.0 25.9
91,705,0:27.8
13.723.0 25.6
3.063.0 24.5

1438,689,0 29.53

Circulation.—On the basis of averages, circulation o f national banks In the
Clearing House amounted to S45.924.000, and according to actual figures they
were $46,620,000




w e e k ly

under

it s

but

th e

f ig u r e s a r e

c o m p ile d
C ity

so
(

as

to

t e a cr
c

F o r d e f i n i t i o n s a n d r u le s u n d e r w h ic h t h e v a r i o u s i t e m s a r e
m a d e u p , s e e “ C h r o n i c l e ,”

V . 86, p. 816.

STATE BANKS AND TRUST COM I’ AN IES.'

Week ended June 24.

Surplus as of Feb. 28----Loans and investments..
Change from last week.
Specie ............................
. Change from last week.
Legal-tenders & bk. notes
Change from last week

:i ’ ■ -

Trust Cos.
State Ranks
Trust Cos.
State Ranks
outside of
outside of
in
Greater
N. Y.
Greater N. Y. Greater N. Y. Greater N. Y.
$
$
$
$
9.525,000
9.528,000
63.206,000
23,975,000
'
<
11,328,963
11,274,643
38,886,100 175,811,500
1
97,008,800 150,068.800
295,433,500 1,132,744,900
+ 186,000
+ 573,300
+ 736,600 + 7,370.800
1si
52,286,300 119,800,900
— 187,000 + 4,390,300
23,719,200
+ 128,700

11,191,100
— 166,200

..................

................ “

Deposits ........................
Change from last week.

352,922,600 1,260,691,300
+ 502,500 + 17,817.300

102,015,400
—619,400

158,162.600
—240,000

Reserve on deposits____
Change from last week

102.788,300
+ 721.900

139,464,500
+3,995,900

21,049,100
—1,034,900

23,228,400
— 134,800

P. C. reserve to deposits.
Percentage last week.

29.3%
29.1%

+ Increase over last week.

10.7%
16.4%

21.5%
_ 22.4%

— Decrease from last wiek.

15.4%
15.6%

„ .

. d

,

Note.—“ Surplus” Includes “ “ d ' v ' ^ ^ n S t ’ o n l v ^ T u e m s but amounts due
for both trust companies and State
York
are required by law to
from reserve agents. T r u s t companies !n New
v a r y | n ( , necordlng to
keep a reserve proportionate to their ^epo* ” '0’prVe remilred Is computed on the
*rust and not payame witmu
im-auon as hihiwii e. n>v». ■ e- ■- ...... aggregate of deposits, exclusive of moneys he
,r
, , W|tHfn thirty dnys,
thlrtv davs, and also exclusive Of t
i
m
e
RPCured by bonds or
represented bv certificates, and also’ e« l u s l v c ^ exclusive of an amount equal to
obligations of the State or City of New 5 or , 0‘r obUerAtlcuiH or the State or City
the market value (not. exceeding par) 'of bmws
public department,
of New York owned by the bank or held n trust
according to
The State banks are likewise rp6” lrr‘1
P , amount or deposits exclusive
location, the reserve being computed on the
1 *,ntr(1 ,)V rrrtmcates (accordof time (leposlts not. payable wlttiin tliirty n-i s, ,]pnn<sits secured (according to
Ins to the amendment of 1910) ™ * J * * ™ % * ? 1 c i T o r Stat^ of New York, and
amendment of 1911) by bonds or obligations or tn
ovr0odlnc par) of bonds or
exclusive of an amount equal to the niark( t value (n
•
or
(n trust
obligations of the State or City of New York owned by the company or
for It by any public department.
—State
Iianks—Trust Cos.—
Of
Total
Total
Of
Reserve Required for Trust Companies
Reserve which Reserve which
and State Ranks.
_
Required, in Cash.
location—’ *
15%
25%
Manhat tan Borough.......... ........ . - - - : V , 2c?
10%
20%
10%
Brooklyn Borough (without branches In Manhat.)
Mftnmu.; jlo/o
o.
15%
7M%
10%
y*»i Boroughs /(without
. . . U l , A i i ( tw
onnltPOIIn
n\Manhattan)
ffiT
)nilLlUn) lO
Other
branches
j +/O
20%
20%
15%
Brooklyn Borough, with branches In Manhattan.- %
15%
15%
15%
^
Other Boroughs, with branches in Manhattan-----Jj>5%
15%
5%
6%
-.1 0 %
Elsewhere in State------------------------------------------'
T h e B a n k in g D e p a r t m e n t a lso u n d e r ta k e s to p r e s e n t s e p a ­

Totals, Avgc
Actual figures

fu rn ish e s

c o m p a n ie s

th o se fo r th e re st o f th e S t a t e , a s p e r t

Capital as of Feb. 28----Re­
serve.

a lso

tru st

d is tin g u is h b e tw e e n th e r e s u lts fo r N e w Y o r k

F o r d e f in i t io n s a n d r u le s u n d e r w h ic h t h e v a r i o u s i t e m s a r e
m a d e u p , s e e “ C h r o n i c l e ,” V . 8 5 , p . 8 3 6 in t h e c a s e o f t h e
b a n k s , a n d V . 9 2 , p . 1 6 0 7 , in t h e c a s e o f t h e t r u s t c o m p a n i e s .

D ep a rtm en t

banks and

T h e s e r e t u r n s c o v e r a ll t h e i n s t i t u t i o n s o f t h i s c la s s

The returns of the trust companies are shown in a separate table.

00i omitted.

On Dep.
Net
Legal with (\II.
Deposits.
Taiders. Ranks.

Specie.

Loans.

Capital. Surplus.

S
$
$
S
s
$
1 $
Averages.
1,437,512,0
329,570,0 77.155,0
421,266.0
Banks __ 134.150,0 200,877,3 1,369,636,0
70,45+0
6,764,0
61,731,0
Trust cos. 35,125,0 93.290.7 589,642,0
83.919.0 76.450.0 1.858.778.0
Total . . 169,275.0 294,168,0 1,959,278,0391,301,0
Actual.
1.438.689.0
78.406.0
!l,368,229,0332,489,0
424,879,0
B an ks__
.......... | 593,156,0 60,525,0 6,795,0 72",23+6
Trust cos.
85,201,0 72.239.0 1.863.568.0
.
.
1,961,385,0,393,014,0
Total . .

S t a t e m e n t o f N e w Y o r k C ity C le a r in g -H o u s e B a n k s a n d
T r u s t C o m p a n i e s . — T h e d e t a i le d s t a t e m e n t b e l o w s h o w s t h e
c o n d itio n o f th e N e w Y o r k C ity C le a r in g -H o u s e m e m b e r s
fo r th e w e e k e n d in g J u n e 2 4 .
T h e f ig u r e s f o r t h e s e p a r a t e
b a n k s a r e th e a v e r a g e s o f th e d a ily r e s u lts .
I n th e c a se o f
t h e t o t a l s , a c t u a l f ig u r e s a t t h e e n d o f t h e w e e k a r e a l s o g i v e n .

B a n k s.

$
15.172.0 1
14.085.0 1
67.138.0 1
28.276.0 I
12.467.0 1
23.698.0 !
82.772.0
5.304.0 !
40.226.0
14.761.0
11.143.0
16.625.0
16.303.0
35.329.0
11.154.0
8.817.0
17.996.0

ra te

f ig u r e s

in d ic a tin g

th e

t o ta ls

fo r

th e

t r u s t c o m p a n i e s in t h e G r e a t e r N e w Y o r k

House.

T h e s e fig u r e s a r e s h o w n

S ta te

banks

and

not in the Clearing

in t h e t a b l e b e l o w , a s a r e

a l s o t h e r e s u l t s ( b o t h a c t u a l a n d a v e r a g e ) f o r t h e C l e a r in g -

July 1 1911.]

THE CHRONICLE

H o u s e b a n k s a n d tru s t c o m p a n ie s .
In a d d itio n , w e h a v e
c o m b i n e d e a c h c o r r e s p o n d i n g i t e m in t h e t w o s t a t e m e n t s ,
t h u s a f f o r d i n g a n a g g r e g a t e f o r t h e w h o le o f t h e b a n k s a n d
t r u s t c o m p a n i e s in t h e G r e a t e r N e w Y o r k .

Boston and Philadelphia Banks.—
th e

w e e k ly

Clear .-House
Members
ActualFigures

Cltar.-House State Banks
Members.
Trust Cos. not
Average.
in C.-H. Aver.

Capital as of June 7 . . -

$
169,275,000

$
169,275,000

Surplus as of June 7__

294,168,000

294,168,000

to ta ls

■

Total o f all
BanksJc Trust
C o s. Average.

204.431.000

93,638,100

387,806,100

Loans and Investments 1,961,385,000 1,959,278,000
Change from last week +31,589,000 +44,587,000

623,835,700 2.583,113,700
—32,268,500 + 12,318,500

D eposits.................. . 1,863,568,000 1,858,778,000
Change from last week +31,549,000 +41,681,000

«618,786.500 2,477,564,500
—27,071,200 + 14,609,800

S pecie..........................
Change from last week

393,014,000
+ 9,068,000

391,301,000
+ 11,926,000

64,067,600
—3,756,700

455,368,600
+ 8,169,300

Legal-tenders-----------Change from last week

85,201,000
+2,192,000

83,919,000
+ 1,965,000

611,761,300
—650,700

95,680,300
+ 1,314,300

Bank’s cash In vault..

410,895,000

406,725,000

13,311,000

420.036.000

Trust Cos.’cash In vault

67,320,000

68,495,000

62,517,900

131.012.900

Aggr’ to money holdings 478,215.000
Change from last week + 11,260,000

475,220,000
+ 13,891,000

75,828,900
—4,407,400

551.048.900
+ 9,483,600

Money on deposit with
other bks. & trust cos.
Change from last week

72,239,000
+ 6,888,000

76,450,000
+ 15,183,000

23,598,000
+34,300

100,048,000
+ 15,217,300

Total reserve______
550,454,000
Change from last week + 18,148,000

551,670,000
+29,074,000

99,426.900
—4,373,100

651,096,900
+ 24,700,900

th e

T o ta l........................
Aggr’ to reserves to aggregate deposits____
Aggr’ te money holdings
to aggregate deposits.

47,347,000
39,628,500
86,975,500

30.37%

Capital
and
S u rp lu s.

B a n k s.

June 3 ..
June 10..
June 17..
June 2 4 ..
’ ■la
June 3 . .
June 10..
June 17..
June 2 4 ..

L o a n s.

$

%

41,350+
41.350+
41,350+
41,350+

218,728+
219,280+
219,543 +
219.796.0

60.105+
60,105+
60.105.0
60.105.0

268.282.0
270,282+
273.436.0
277.960.0

(00)

S p ecie.

Legals.

$
25,382,0
25,723+;
26,724+j
27,857,Oj

$
3,466+
3,401 +
3,306+
3,424,0

87,4“!11,0
87,4?15+

88,oe11,0
85,4517,0

29.67%

19.00%

26.27%

12.25%

22.24%

N.

S ur­
plus.

$
429,951,0
436,126.7
433,695,8
436,015.2
440,383,8
442.470,3
435,941,5
439,205,0
447,199,3
455.368,6

Legals,

T o t. M o n e y Entire R es.
H old in g s. on D ep osit.

S
$
93,354,9 523,305,9 547.242.3
94 814,3 530.941,0 555.117.3
93,712,0 527,408.4 553.291.4
94.377,0 530,392,2 557,340.3
94,383,3 534,767.1 561.884.7
95,268,6 537.744,9 564.758.2
94,155,1 530,096,6 557.990.9
94,311,3 533,516,3 561.250.2
94,366,0 541,505,3 626,396.0
95.630,3 651 019 a

Legal

Tender
XCftUCi
S pecie.

and
Bank
N o te s.

D eposit with
Clear­
ing
A g en t.

Other
N et
B a n k s, D eposits.
& c.

Y . C ity

Boroughs o f
M a n .A B r x .

Wash. II’ts
Century . . .
Colonial__
Columbia . .
Fidelity . . .
Jefferson__
Mt. Morris.
Mutual-----P la z a .........
23d W ard..
Yorkvllle . .
New Neth..
Bat.Pk.Nat,
Aetna Nat_
Borough o f
B rooklyn .

$
100,0
250,0
400,0
300,0
200,0
500,0
250,0
200,0
100,0
200,0
100,0
200,0
200.0
300,0

200,Q
Broadwav .
252,0
Mfrs.’ Nat.
Mechanics’ _ 1,000.0
750.0
Nassau Nat.
300,0
Nat. C ltv..
200,0
North Side.
300,0
First N a t..
Jersey City.
First N a t..
400,0
IIud.Co.Nat 250,0
Third N at..
200,0
Hoboken.
First N a t..
220,0
Second Nat.
125,0

5

291,2
127,8
433,4
796,5
182,2
533,3
339,9
401,8
473,7
105,8
502,3
273,3
143,8
309,2

8

1,313,0
1,491,1
6,478,7
6,514,0
1.061,2
3,854,0
2,690,5
3,737,6
3,967,0
1,955,7
4.376.7
2,394,0
1,328,0
2,137,2

S
144,0
38,9
822,9
686,0
56,2
232,6
530.8
22,0
333,0
165,5
53,3
260,0
281,4
497,4

I
57,0
201,9
439,7
634,0
116,3
474,5
55,5
624,4
319,0
61,0
843,5
86,0
55,4
38,6

3

136,0
159,4
642,8
1,091.0
304,0
180,5;
708,7;
294,4!
1,205,0'
260,1|
339,9
209,0
228,0'
168,71

$
17,0
341,9
199,1
40,0
662,4
72,7

437 +
35,0
" 18+

g
1,248+
1,680,6
7,844,6
7,824,0
1,115+
5,159.8
3,812.4
4.263,8
5,292+
2,250,8
5,886,0
2,637,0
1,441,6
2,124,3

554,0 3,228,0
856,7 5,67.8,4
918,6 12,237.0
1,061,3 7,785,0
598.0 4,027,0
161,7 2,093,8
641,2 3,634,0

37,8 435,5
6.83,7 150,8
247,7 1,447,1
719,0 351,0
72,0 552,0
132,8
122,9
93,0
340,0

341,9­ 320,8 3,780,1
1,174,0 132,0 6,627,0
1,590.7; 214,2 15,552,3
1,121,0
7,785,0
516,0
174+ 4,941,0
280,6;
88,6 2,461,8
418,0,
44,0 3,362+

1,287,6
775,1
411,2

5,276,4
3,053,1
2,171,8

302,3
150,4
69,4

368,2
51,3
114,8

2,095,9
299,9;
447,5:

289,0
270,1
24,2

6,827,5
2,871,6
2,410,2

632,4
277,9

3,644,0
2,095,8

163,2
179,9

33,2
46,8

198,8!
62,5'

121,1
240,0

3,386,2
3,381,6

Tot. J’ ne 24 7,497,0 13,089,9 99.123,0 7,222,2 7,779,4 14,540,9 3,741,6 115978,8
Tot. J’ ne 17 7,497,0 12,892,2 99,876,5 7.109,2 7,862,3 16,825,5 3,786,7 119788,7
Tot. J’ne 10 7.497,0 12.799,7 99,634,5 7,242,2 8,231,4 14,972,3, 3,963,7 118545,5
W W ' I a 64




173.728.4
163,565,1
153.894.4
147,263,0

Imports and Exports for the Week.—
th e im p o r ts a t N e w

The

fo llo w in g a re

Y o r k fo r th e w e e k e n d in g J u n e 2 4 ; a lso

t o t a l s s in c e t h e b e g i n n i n g o f t h e f i r s t w e e k in J a n u a r y .

FOREIGN IMPORTS AT NEW YORK.
1911.

Dry goods________________
General merchandise_______
T o ta l__________________
Since January 1.
Dry goods.......... ..................
General merchandise_______

1910.

81,731.033
13+95,093

1909.

$2,542+05'
14,990,627;

1908.

$3,155,438
10,583,535

$1,532,570
10,294,756

$14,826,126 $17,532,632 $13,738,973 $11,827,326
1

$67,927,291 $77,251+00 $82,904,277 $56,815,428
353,889,185 386,605,072 336,933,101 241,322,131

w e e k e n d in g J u n e 2 4 a n d fr o m J a n . 1 to d a t e :

Reports of Clearing Non-Member Banks.— T h e f o l l o w i n g i«
the s t a t e m e n t o f c o n d i t io n o f t h e c le a r i n g n o n - m e m b e r b a n k s
for the w e e k e n d i n g J u n e 2 4 , b a s e d o n a v e r a g e d a i l y r e s u l t s :

C a p i­
tai.

15,301,0
15,298+
15,279+
15,276+

16.00%

W e om it two ciphers in all these figu res.

B a n ks.

339.444.0
337,662 +
343.577.0
344.304.0

31.72%

25.56%

L o a n s,
D isc'ts
and
Invest­
ments .

S
147,950,7
157.443.6
144.499.7
184.455.7

T h e f o l l o w i n g is a s t a t e m e n t o f t h e e x p o r t s ( e x c l u s i v e o f

29.53%

S
2,514.816,5
2.527,964.5
2,526.363.1
2,533,056.3
2.558,748,7
2,567,915.5
2.570.202,0
2.578,787,0
2,462.954,7
2,477,564,5

$

s p e c ie ) f r o m

COMBINED RESULTS OP BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

%
2,507,088,1
2,513,422,9
2,514.961.3
2.518.309.7
2.541,441.4
2,548.862,8
2.558.152,1
2,565,375.5
2.570.795,8:
2,583,113,7

7,118+
7,122+
7,123 +
7.128,0

14.83%
1.17%

T h e a v e r a g e s o f th e N e w Y o r k C it y C le a r in g -H o u s e b a n k s
a n d t r u s t c o m p a n i e s combined w i t h t h o s e f o r t h e S t a t e b a n k s
a n d t r u s t c o m p a n i e s in G r e a t e r N e w Y o r k o u t s i d e o f t h e
C l e a r i n g - H o u s e c o m p a r e a s f o l l o w s f o r a s e r ie s o f w e e k s p a s t :

2 2 ..
296 ..
1 3..
20 . .
2 7 ..
3 ..
10..
17..
2 4 ..

$
270,600+
268+87+
275,285+
274.644.0

16.25%
15.37%

S pecie.

C learin gs,

a includes oovemment deposits and the Item "due to other banks.” At Boston
Government deposits amounted to $3,070,000 on June 24, against $3,070,000 on

th e p o r t o f N e w

Y ork

to fo r e ig n p o r ts fo r th e

EXPORTS FROM NEW YORK.
1911.

April
April
May
May
May
May
Juno
June
Juno
June

C ircu ­
lation.

Total 25 weeks__________ S421.816.476 .$463,856+72 $419,837,378 $298,137,559

25.65%

D ep osits.

D ep osits, a

13.19%

+ Increase over last week. — Decrease from last week.
These are the deposits alter eliminating the Item "Due from reserve depositories
and other hanks and trust companies In New York City” : with this Item Included
deposits amounted to $720,377,600, a decrease of $29,410,200 from last week Tn
the case of the Clearing-House members, the deposits are “ net” both for the average
and the actual figures. 6 Includes bank notes. :
-r.~.
‘
‘b

Loans and
In v estm en ts .

of

B o sto n

in all these fig u res.

28.29%

a

W eek
E n ded .

of

*

F o r W eek.

Surplus reserve—
B an k s_____________
51,222,750
Trust companies____
33,339.250
T o ta l_____________
84,562,000
% of money holdings to
deposits for bks. alone
28.62%
% of cash res'ves of tru St cos.—
Cash in vault..............
15.84%
Cash on dep. with bks.
14.53%

B e l o w is a s u m m a r y

C le a r in g -H o u s e . b a n k s

W e om it two ciphers

B oston .

$
35,156,000

of

a n d P h ila d e lp h ia .

NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended June 24—

23

For the week______________
Previously reported------------

1910.

1909.

1908.

$12,329,167 $12,165,417 $12+67,335 $12,238+81
365,122,493 299+38,133 292,071,808 317,789.201

Total 25 weeks............ ..... 5377,451,660 $311,203,560 $304,139,143 $330+27,282

The

fo llo w in g

t a b l e -s h o w s

th e

e x p o rts

and

im p o r ts

of

s p e c ie a t t h e p o r t o f N e w Y o r k f o r t h e w e e k e n d i n g J u n e 2 4
a n d s in c e J a n . 1 1 9 1 1 , a n d f o r th e c o r r e s p o n d i n g p e r i o d s in
1910 and 1909:

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK
Exports.
UOlUt

Week.

Great Britain...................................
France _______________
Germany __________ _____ _______
West Indies................. ........... .........
Mexico _________________________
South America__________________
All other countries______ _____ _
Total 1911.................. ..................
Total 1910......................................
Total 190 9 ............ ....... ...............

Imports,
Week.

Since Jan. 1

—

—

~"sI6o
______

Since Jan. 1

- ........

$3,500
1,645,630
813+26
157,625

$1,350
1,006,523
66,145
27,586

S73+67
464.797
1,819
1,114,333
2,913,236
1,674,938
1,127,038

$100 $2,620,681 $1,101,604 $7,369,228
6,455 44,267,863
118+80 5,761,702
1+20,500 57,452,802
100,961 5,483,096

Silver.
Great Britain___________________ $1,196,901 $22,336,998
1,365,500
France _________________________
26,600
Germany _________*.____________
16,493
69,921
West Indies........................................
8,100
Mexico _________________________
South America__
19,801
All other countries............................
200
5,408
Total 1911........ ............... ............. $1,231,801 $23,814,121
Total 1910...................................... 1,161,210 20,789,206
Total 1 9 0 9 ...................................
806,335 22,633,003

$355
51,208
31,524
10,530

$170,928
5,524
9,375
26,805
2,252,853
853,476
881,362

$93,617 $4,200,323
76,129
1+40,457
108,363 2,569.492

O f t h e a b o v e i m p o r t s f o r t h e w e e k in 1 9 1 1 , $ 3 1 , 1 4 5
A m e r i c a n g o ld c o in a n d $ 2 1 5 A m e r i c a n s il v e r c o i n .

f a r iM u g

a n d

f f i m

w

w ere

c t a L

Diversify Your Investments
W r i t e f o r o u r c ir c u l a r e n t i t l e d
t r e a t s t h e a b o v e s u b j e c t In d e t a i l.

" J u d ic io u s

In v e s t m e n t ,”

w hl h

Spencer Trask & Co.
43 E X C H A N G E
C h i c a g o , III.

P L A C E . ------- N E W

B o ston . M a ss.

M em bers N ew

W H I T E ,

YORK.

A lb a n y , N . Y .

Y o r k S to c k E x c h a n g e .

W E L D

&

CO.

M em b ers N ow Y o rk S tock E x ch a n g e .
5 N ASI A U

STREET:

NEW YORK

THE

ROOKERY

CHICAGO

©

The

[V o l .

THE CHRONICLE

21
a

l e

t t e

Lxxxxin.

T h e m a r k e t f o r r a i l w a y a n d in d u s t r i a l b o n d s h a s b e e n d e ­
c i d e d l y m o r e a c t i v e , d u e c h ie f ly t o a l a r g e l y e x t e n d e d in t e r e s t
in a f e w is s u e s .
P r ic e s h a v e g e n e r a l l y b e e n f ir m a n d a f e w

,

Wall Street, Friday Night, June 3 0 1 9 1 1 .
M o n e y M a r k e t a n d F i n a n c i a l S i t u a t i o n .— A n i m p o r ­

is s u e s a r e s u b s t a n t i a l l y h i g h e r .

t a n t e v e n t , v ie w e d fr o m w h a te v e r s t a n d p o in t , w a s a d e c is io n
r e n d e r e d o n S a t u r d a y o f l a s t w e e k d e c la r i n g t h a t t h e o w n e r ­
s h i p o f a c o n t r o l l i n g in t e r e s t in t h e S o u t h e r n P a c i fi c R a i l w a y
b y t h e U n i o n P a c ific C o m p a n y is n o t i l l e g a l .
I h e e v id e n c e
t h a t p u b li c s e n t i m e n t is f a v o r a b l e t o t h i s d e c i s i o n w a s s e e n

................................................’ ■■’ E-.i

" " U n i t e d S t a t e s B o n d s .— S a le s "o f G o v e r n m e n t b o n d s a t th e
B o a r d in c l u d e $ 1 , 8 5 3 , 0 0 0 P a n a m a 3 s , w h e n i s s u e s , a t 1 0 2 %
to 1 0 2 % , a n d $ 5 ,0 0 0 4 s c o u p , a t 1 1 4 % .
T h e c lo s in g p r ic e s

c a lly e v e r y c la s s .
, ,
.
,
.
C r o p r e p o r t s , w h ic h a r e w e e k b y w e e k b e c o m i n g o f g r e a t e r
im p o r ta n c e as a m a r k e t f a c t o r , h a v e b e e n g e n e r a lly s a tis ­
f a c t o r y , a n d s o m e o f t h e r a i lr o a d s i n t h e N o r t h w e s t a r e s a id
t o b e in c r e a s in g t h e i r f a c i li t i e s f o r h a n d l i n g th e la r g e s p r i n g w h e a t c r o p w h ic h is n o w e x p e c t e d .
I t is a l s o r e p o r t e d t h a t
o n e E a s t e r n t r u n k lin e w h o s e f r e i g h t t r a f f i c is in c r e a s in g
h a s r e c e n t l y p l a c e d a la r g e o r d e r f o r n e w e q u i p m e n t , in c l u d ­
in g lo c o m o t iv e s .
O n t h e o t h e r h a n d , c u r r e n t r a i lw a y e a r n ­
in g s a r e , a s is w e ll k n o w n , in m a n y c a s e s f a r f r o m b e i n g
s a t i s f a c t o r y , a n d o n s o m e li n e s a g o o d d e a l o f r o llin g s t o c k
O n e ’ o f t h e b e s t a u t h o r i t i e s r e p o r t i n g o n t h e ir o n a n d s t e e l
in d u s tr y s ta te s t h a t so m e c o m p a n ie s a re, o n on e p r e te x t
o r a n o th e r , d e la y in g th e a c c e p ta n c e o f o rd e rs g iv e n a t th e reclucecl p r i c e s , e v i d e n t l y h o p i n g t h a t t h e d e m n n d w ill s o o n h e
s u ffic ie n t t o w a r r a n t a r e s to r a tio n o f o ld s c h e d u le s .
T h e B a n k o f E n g la n d ’s w e e k ly s t a t e m e n t sh o w s a la r g e ly
r e d u c e d p e r c e n ta g e o f r e s e r v e , a n d a t s o m e C o n tin e n ta l c e n ­
t r e s m o n e y h a s b e e n in g r e a t e r d e m a n d t h a n o f l a t e .
I h o se
c h a n g e s a re e v id e n t ly d u e to th e h a lf-y e a r ly s e ttle m e n ts n o w

Periods

June
24

Q —Jan
Q—Jan
Q—Peb
Q—Feb
Q—Feb
Q—Feb
Q—Feb

*10043
*10043
*10143
*10143
*114
*114
*100

I n ter es t

i n a s u b s t a n t i a l in c r e a s e in t h e v a l u e o f n o t o n l y th e s t o c k s
a n d b o n d s d i r e c t l y a f f e c t e d , b u t a l s o in s e c u r i t i e s o f p r a c t i ­

1930 .................registered
..coupon
1930.......
190S-18______ registered
190S-18................ coupon
1925 ................registered
coupon
1925.........
1936.Panama Canal regls
Pan. Canal when Issued

June ; June
26
27
*10043
*10043
*10143
*10143
*114
*114
*100
10253

*10043
*10043
*10143
*10143
*114
*114
*100
10253

June
28

June
30

June
29

*10043 *10043
*10043 *10043
*10143 *10143
*10143 *10143
*114
*114
11453 *114
*100
*100
102 53 10253

10043
10043
10113
101M
*m
*114
*100

102 53

R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— T h e m a r k e t w a s a c ­
t i v e a n d b u o y a n t o n S a t u r d a y , f o llo \ v in g t h e j u d i c i a l d e c i­
s i o n m e n t i o n e d a b o v e , a n d a l o n g li s t o f s t o c k s a d v a n c e d
fr o m l to 3 p o in ts or m o r e .
T h is m o v e m e n t c o n tin u e d d u r in g
t h e e a r l y p a r t o f M o n d a y , a n d r e s u l t e d in s u c h li b e r a l o f f e r ­
in g s t h a t a r e a c t i o n s e t in a n d a p a r t o f th e a d v a n c e w a s l o s t .
S in c e M o n d a y t h e r e h a s b e e n a g r e a t r e d u c t i o n in t h e v o l u m e
o f b u s i n e s s a n d a d e c i d e d l y i r r e g u la r m o v e m e n t o f p r i c e s ,
s o t h a t a t th e c lo s e , o f a lis t o f 3 0 a c t iv e is s u e s , 1 8 a ie h ig h e r

in p r o g r e s s .
T h e o p e n m a r k e t r a t e f o r c a ll lo a n s a t t h e S t o c k E x c h a n g e
d u r i n g t h e w e e k o n s t o c k a n d b o n d c o ll a t e r a l s h a s r a n g e d
fr o m 2 % to 2 % % .
T o - d a y ’ s r a t e s o n c a ll w e r e 2 % @ 2 % % .
C o m m e r c i a l p a p e r q u o t e d a t 3 % @ 4 % f o r (50 t o 9 0 - d a y e n ­
d o r s e m e n t s , 3 % @ 4 % f o r p r i m e 4 t o 0 m o n t h s ’ s in g le n a m e s

a n d 12 a re lo w e r .
T h e u p w a r d m o v e m e n t r e fe r r e d t o c a r r ie d S o u t h e r n 1 a c ilic
u p 6 % p o i n t s a n d U n i o n P a c ific 5 .
T h e “ S o o L i n e ” is s u e s
w’e re
in r e q u e s t la t e r
and
m oved
up
a b o u t 4 p o in ts.
C a n a d i a n P a c i f i c , o n t h e o t h e r h a n d , h a s l o s t a p a r t o f it s
r e c e n t u n u s u a l a d v a n c e a n d s e v e r a l “ in d u s tr ia ls ” a re lo w e r .
A m e r i c a n B e e t S u g a r h a s d e c lin e d n e a r ly 3 p o i n t s , s o m e
o f th e c o p p e r s to c k s fr o m 1 to 2 a n d G e n e ra l E le c tr ic 1 %

a n d 4 % @ 5 % f o r 8 o o d s in g le n a m e s .
, r
T h e B a n k o f E n g la n d w e e k ly s t a t e m e n t o n T h u r s d a y
s h o w e d a n in c r e a s e in b u l l i o n o f £ 5 6 2 , 6 0 4 a n d t h e p e r c e n t a g e
o f r e s e r v e t o li a b i l i t i e s w a s 4 6 . 7 1 , a g a i n s t 5 2 . 4 9 l a s t w e e k .
T h e ra te o f d is c o u n t r e m a in s u n c h a n g e d a t 3 % , a s (fix e d
M arch 9 .
T h e B a n k o f F ra n c e sh o w s a d ecrea se o f 6 ,9 2 5 ,0 0 0

w ith in th e w e e k .

For daily volume of business see page

34.
T h e fo llo w in g sa le s h a v e o c c u r r e d th is w e e k o f sh a r e s n o t
r e p r e s e n t e d in o u r d e t a i le d li s t o n t h e p a g e s w h ic h f o l l o w :

STOCKS.
Week ending June 30.

Sales
for
Week.

Range for Week.
Lowest.

i

Highest.

Range since Jan. 1.
Lowest.

Highest.

Am Telcpli & Tel rights. 19,9011!0 15-16 Jne 28 743 June 26 6 15-16J’nc 743 June
auO; 8153 June 28 $153 June 29 S i5-3 June S2 43 Jan
f r a n c s g o ld a n d 4 , 6 0 0 , 0 0 0 f r a n c s s i l v e r .
200; 22c. June 30 27c. June 30 20c. Feb 34c. May
Comstock Tunnel..........
Jan! 75
June
NEW YORK CITY CLEARING-HOUSE BANKS.
25 75 June 27 75 June 27 60
Crex Carpet------- --------June
Feb 40
400' 3843 June 26 •10 June 30 35
Cuban-Amer. Sugar___
___________
(Not including Trust Companies.)
30 107 43 June 27 107 43 June 27 103 43 Jan 10843 Apr
General Chemical, pref..
6
June
7
53
May
6
June
27
20;
6
June
27
Keokuk & lies Moines..
June
Apr 87
1909.
1910.
1911.
May Department Stores. 9,400, 8153 June 24 87 June 26 70
Averages for Averages for
Differences
Averages for
M St P & S S M sub rets
May 137 43 June
week ending week ending
from
1,017 134 43 June 20 13743 June 30 132
week ending
2d lnstal paid............
June
May 149
June 26.
June 25.
170 149 June 27 149 June 27 143
previous week.
June 24.
Pref subs, 2d paid —
153
May 143 June
143
June
29
75!
1
>3
June
29
Ontario Silver Mining..
243
Jan
2
Apr
243
June
29
S
100 2 43 June 29
S
Quicksilver Mining----8
Apr
130,350,000 126.350.000
200 2 43 June 26 2 43 June 26 2 43 June 3
134.150.000
Preferred..................
Capital..........................
172.318.900
185.325,600
200,877,300
RR Securities—Ills Cent
Surplus.......... ..............
June
June 93
1,339,962,100
10; 93 June 29 93 June 29 93
stock trust ctfs........ .
Loans and discounts— 1.369.636.000 Inc. 5.207.000 1,199,782,000
Meh
49,163,200 Sears, Roebuck & Co, pf
48,345,200
100 11953 June28 11953 June28 119 43 Jan 122
531,000
45.924.000 Tnc.
Circulation.................. ..
17
43
June
1643
June
1,410,897,
SO
O
,201,076,300
80;
1643
June
29
1
643
June
29
Net deposits...........— 1.437.512.000 Inc. 11,293,000 259,326,200 307.706.900 Standard Milling.......... .
Jan
Mch 92
100 9043 June27 9043 June27 87
3.411.000
329.570.000
Inc.
Texas
Pacific
Land
Trust
Specie -------------79,289,100 United Cigar Mfrs, pref­
300 10453 June28 106 June27 10143 Mcli 10643 June
69,817,500
77.155.000 Inc. 1.877.000
Legal tenders-----4
43
Jan
3
53
Mch
200
343
June28!
4
June28
er S Reduction & Ilefg-.
June
Jan 72
406.725.000 Inc. 5.288,000 329.143,700 386.996.000 Va Iron, Coal & Coke— 1 3401 7143 Junc27 72 Junc26 52
354.049,450
300,269,075
2,823,250
359.378.000 Inc.
Surplus reserve-----

47,347,000 Inc.

2,464,750

28,874,625

32,946,550

xfnfp_Tho Clearnur nouse now isauta » buvutuumcondition of tho banks on Saturday morning as well as tho above averages. These
ffgmes° together wRh the returns of the separate banks and trust companies, also
tho summary Issued by the State Banking Department, giving the condition of
State tanks and trust companies not reporting to the Clearing House, appear on the
second page preceding.
F o r e i g n E x c h a n g e . — A s h a r p ris e o n W e d n e s d a y h a s b e e n
f o l l o w e d b y a n e a s i e r t o n e , t h e fin a l q u o t a t i o n s b e i n g % c .
b e lo w

th e m a x im u m

fo r th e w e e k .

T o-d a v’s ^Friday's! nominal rates for sterling exchange were 4 84 43 for
slxtv-d a v and 4 87 for sight. T o-d a y's actual rates for sterling exchange
wore 4 8410® 4 8420 for sixty days, 4 $610® 4 8620 for cheques and 4 804o
<J04 8655 for cables. Commercial on banks 4 83 43©4 f f '/ i and docum ents
for paym ent 4 83 53 @ 4 81. Cotton for paym ent 4 83 43 @ 4 83 h and grain
* ° T o d a y 's 1(Frkfa v ’s) actual rates for Paris bankers’ francs were 5 22 43®
5 21 43 less 1-16 for long and 5 20 less 3 -3 2 ® 5 20 less 1l - l 61Tor■short. Ger­
m any bankers’ marks were 94 11-16® 94M for long and 95 H @ 0 o 3-1 > less
1-32 for short, Amsterdam bankers’ guilders were 40 44@40 4{ plus 1-3f 0 The°posted rates for sterling as quoted b y a representative house have re­
mained throughout tho week at 4 84 Ai for six ty days and 4 87 toi sight.
Exchange at Paris on London, 25f. 31c.; w eek s range, 2of. 31 %o. high
^ E x c h a n g e a t Berlin on London, 20m. 43 4fpf.; week’s range, 20m. 44pf.
high and 20m. 42pf. low.
. . .
, . ,,
The range of foreign exchange for the week follows.
Cheques.
Cables.
S terlin gA ctu a l— “ Strtv Days.
4 8635
■
4 8653
H igh for the week . . 4 8 143
4 86
4 86 43
L ow for the week . .4 8390
Paris Bankers' Francs—
High for the week . . 5 21 43 less 1-16 5 20 53 less 1-32 5 20 53
5 20 less 1-16
5 20 less 1-32
Low for the week - . 5 22 43
Germany Bankers' M arks—
95 3-16
05 5-10 plus 1-64
High for the w e e k .. 94 *4
95 43 less 1-64 95 41 less 1-32
L ow for the week . . 94 53
Amsterdam Bankers' Guilders—
40
27
40 31
H igh for tho w eek__ 40 16
40 22
40 26 .
L ow for the week —
40, 1
Dom estic E x c h a n g e .— The following arc tho rates for domestic exchange
at the undermentioned cities at the close of the week. Chicago, 20c. pci
f 1,000 p ? S E ! B oston. 10c. per $1,000 discount
New Orleans, com ­
mercial. 25c. per $1,000 discount; hank, SI per $1,000 premium. St.
L ou is. 35c. per $1,000 premium bid, 15c. per S I.000 premium asked. San
Francisco, 35o. per $1,000 premium. Savannah, buying, 3-16c. per $1,000
discount: selling, par. Charleston, buying, par; selling, 1-lOc. per $1,000
premium. St. Paul, 90c. per $1,000 premium. Montreal. 15 H e. per
$1 000 discount.
•
S t a t e a n d R a ilr o a d B o n d s .— S a le s o f S ta t e b o n d s a t th e
B o a r d a r e l i m i t e d t o $ 1 0 , 0 0 0 V i r g i n i a 6 s d e fe r r e d t r u s t re
c e ip ts a t 5 7 .




O u t s i d e M a r k e t . — T h e r e w a s li t t l e o f in t e r e s t t c £ “ c u r b ’
tr a d in g th is w e e k .
S to c k s m o v e d s lu g g lis h ly a s a r u le ,
w it h p r ic e c h a n g e s f o r t h e m o s t p a r t i n s i g n i f i c a n t .
A m e r i­
c a n T o b a c c o l o s t 2 p o i n t s e a r l y in t h e w e e k t o 3 9 5 , m o v e d
u p to 4 0 6 , th e n r e a c te d to 3 9 6 .
T h e c lo s e t o - d a y w a s a t
398.
G e n e r a l M o t o r s s t o c k s , w h ic h h a v e n o t a p p e a r e d in
th e tr a d in g fo r s o m e t i m e , w ere f e a t u r e s , th e c o m m o n a d ­
v a n c in g o v e r 2 p o in ts to 5 6 % a n d r e a c tin g to 5 4 % .
In c
p r e f e r r e d w a s t r a d e d in a t 8 8 % .
U . S . M o t o r c o m . s o ld
u p t o -d a y 2 p o in t s to 4 2 a n d d o w n to 4 1 , th e p r e fe r r e d a d ­
v a n c in g fr o m 8 0 to 8 1 % .
In te r c o n tin e n ta l R u b b e r c o m
w a s v e r y q u ie t , a d v a n c in g fr o m 2 7 to 2 f % .
S t a n d a r d O il
a f t e r a g a in o f a b o u t 3 p o i n t s t o 6 4 9 d r o p p e d t o 6 3 9 , a n d
fin i s h e d
to -d a y
at 640.
S tu d e b a k e r C o rp
s to c k s w ere
a c t iv e , th e c o m m o n g o in g u p fr o m 6 7 to 7 0 a n d d o w n to
6 6 % , w h ile t h e p r e f e r r e d lo s t s o m e t w o p o i n t s t o 1 0 6 a n d
reco v ered to 1 0 7 .
I n th e b o n d s e c tio n tr a d in g w a s b e g u n
in t h e n e w is s u e o f N e w Y o r k S t a t e 4 s w h ic h a r e t o b e
o ffe re d o n J u ly 2 0 n e x t , th e b o n d s s e llin g ,
w. l ,
u p fro m
1 0 4 % t o 1 0 5 % a n d d o w n fin a lly t o 1 0 4 1 5 -1 6 .
M o I a c ific
5 % n o te s a d v a n c e d fr o m 9 8 1 -1 6 to 9 8 % a n d e a se d o ff to
98% .
O r e g o n -W a s h . R R . & N a v . 4 s so ld b e tw e e n 9 2 1 3 -1 6
an d 9 2 1 5 -1 6 a n d re ste d a t 9 2 1 3 -1 6 .
S o u t h e r n B e ll l o l e p .
5 s rose fr o m 9 9 % to 1 0 0 .
N . Y . C ity 4 % s so ld u p fro m
1 0 4 % to 10 5 a n d d o w n to 1 0 4 % .
V e r y fe w o f th e m in in g
is s u e s s h o w e d a n y d e g r e e o f a c t i v i t y , w i t h a n e a s i e r t e n d e n c y
to p r ic e s a s th e w e e k c lo s e s .
B ra d e n C o p p er m o v e d up fro m
4 % to 4 1 5 -1 6 a n d d o w n to 4 1 3 -1 6 .
B r itis h C o lu m b ia s o ld
up fro m 5 % to 5 % .
G ir o u x w e a k e n e d fr o m 6 % to 6 % a n d
c lo s e d t o - d a y a t 6 % .
G reen C a n a n c a im p r o v e d fro m 7 %
to 8 , b u t so ld t o -d a y b a c k to 7 % .
I n s p ir a tio n w a s tra d e d
in u p f r o m 8 % t o 9 , t h e c lo s e t o - d a y b e i n g a t 8 % .
K err
L a k e w a s o n e o f th e m o s t a c t i v e is s u e s a n d a f t e r f l u c t u a t i n g
b e tw e e n 5 %
and 4 %
m o v e d u p t o 5 % , t h e c lo s e t o - d a y
b e in g a t 5 % .
L a R o s e C o n s o lid a te d im p r o v e d fr o m 4 5 -1 6
t o 4 7 - 1 6 , d r o p p e d t o 4 % a n d fin i s h e d t o - d a y a t 4 3 - 1 6 , c x d iv id e n d .
N ip is s in g flu c tu a t e d b e tw e e n 1 0 % a n d 1 0 % a n d
s o ld t o -d a y a t 1 0 , e x -d i v id e n d .
O u t s i d e q u o t a t i o n s w ill b e f o u n d o n p a g e 3 4 .

.

-i \

New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G
STOCKS— HlQHES’l AND LOWEST SALE PRICES.
Saturday
June 24

Monday
June 26

Tuesday 1 Wednesday
June 27
June 28

Thursday
June 29

TW O

Sales of

Friday
June 30

Week
Shares.

„

PAGES
STOCKS

N EW Y O R K STOCK
E XC H AN G E

Range since January 1.
On basis of 100-stiarc lots.

Range tor Previous
Year 1910.

Highest.

Highest.

113% 11434 114% 1147{ 11334 114.3,
A
100% Jan 3 116% J ’ne 5
9034 J ’ly 124% Jan
*1013.1 105 105 105 105 105
1003i Jan 3 105>2 J'ne 12 x'Ji J ’ly 101% Jan
128% 130 129%130% 129 129%
117 Jan 3 132'4 J ’ne 14 1021* J ’ly 137%Jan
108 108% 108% 10S34 108 10.83.
102 Feb 2-1 10912 Jan 31 100% Sen 119%Jan
*89 8934 89 89% *89 90
8712 Mch21 91 Jan 4
87% Sep
94 ja n
80% 80% 80% 81% 80% 81%
747g Jan 3 S3 J ’ne 8
68% Feb
82*g May
242 243% 241%2121? 241%242
1953s
3 243ig J 'n e 23 170-% Feb 2023g Nov
*02% 721.4 *62% 72% *67 72% *07% 72% *67% 72% *66 72%
( 'anadlan Pacific....... 62 Jan
Mch 3 §69 M avis
601* J ’ly
70 ,a n
*275 288 *280 290 *280 290 *280 290 *280 290 *280 288
' nnada Southern___
Meh 10 286 Feb 21 248 J ’ly 312 . an
83% 81% 83% 811 83% 84% 827g 8334 83 83% 817g 83)4 18,450 Central of New Jersey___ 270
Apr 24 8634 Feb S
65 Aug
92 Jan
*20 30 *20 39 *20 3
Chesapeake & Ohio......... 77
0 *20 30 *20 30 *20 30
25 Apr 7 31% May23
2
37sJ ’ly 66*% ,'Jaa
♦__ 65 *45 65 *45 65 *40 55 *40 65 *40 65
Chicago & Alton R R
Mch 17 53 Jan 19
04% J ’ n<* 69 Apr
*23% 24 23 23% 23% 24 23% 23% *23 23% *23 23% 1,900 Do pref______________ 52
20ig Apr 19 2514 J ’ne 5
19 J ’lv
36% Jan
*45 46 46 46 45% 46 45% 45% *45
Chic
Gt
W
est
trust
ctfs
4
6
3
..,
45
45 1,100
42 A pr 25 49% Feb 6
40 J ’ly
64% Jan
126% 128% 127 128% 127% 12/34 120% 12734 20% 127% 12
trust ctfs......... 117
6-%127% 40,225 Do pref
Apr IS 133*2 Feb 7 11334 j ’ne 158% Jan
MJlw & s t P aul.
*153 155 *153 156 *153% 155 153% 153% 1
153 153 103 153 1,100 Chicago
147 Jan
1551* Feb 2 143 Sep 172% Jan
147% 148% 147*4 148%*147 148% 118 148 §147 147 *140 148 1,395 Do pref____
1421* Jan 16 1501* J ’ne 12 137% J ’ ly 182% Jan
*199 210 *199 210 *195 205 *199 205 *199 210 *200 205
Chicago & North Western }200
Jan
§209 Jan 7 203 J ’ne 225 Jan
Do pref______________
*140 144 *140 114 *140 144 *140 145 *1
40 144 *140 145
130ig Apr 20 144 J ’ne 12 140 Apr 162% Feb
Chic
St
P
Minn
&
Omaha
*155 160 *155 100 *155 160 *155 100 *155 ICO *155
1
6
0
152
Feb
IS
5100 Mch 27 §160 Apr §170% Feb
Do
pref____________
*2% 3
2% *2% 23.1 *2% 2% *212 2% *2% 2% 100
33g Feb 4
53g Jqn
2% Dec
*5% 7 *52*%
4 8 *5% 6
Chic Un Trac ctfs stnipd 2 A pr
% *5*2 6*2 *5 % 6% *5% 61?
5
J
’ne
4% Sep
7>4 Feb 6
12% Jan
*58 60 *57 69 *57 59% *57
Do
pref
ctfs
stra
p
d
..
5 9 % *57
60 *57 59%
66I2 A pr 25 66 Jan 18
61 Nov
52% Mc.h
levc Cin Chic & St L
*94 100 *91% 100 *94% 109 *91 %100 *94
1
0
0
*9
4
1
0
0
961* Mch IS 98 Feb 1
99 Sep 104 Jan
Do pref_____
*54 5534 *51 56 *54 56 *54 50
50 *54 56
51 Apr IS 60 Jail 18
46 J ’ly
0534 Feb
*81 82 *81 82 8I34 8134 81% 8134 *54
& S o u th e r n llll
8134 81% 82 8
2
520 olorado
74% M ch27 82 J ’11030
70 J ’ly
S3 Mch
*75 80 *75 89 *75 SI) *75 SO *75
Do 1st p referred ... "
8
0
§7
0
%
7
0
%
1
0
731* Jan 11 7612 Mch 2
7b Aug
81 Jan
*171 174 *171 173 17134 17134 171 171 171% 1717» 171%1717g 476 Do 2d preferred___
IO4I4 Jan 3 1747g J ’ne 8 149% J ’ly 185 Jan
*530 565 *530 579 *530 565 *530 505 540 546 *530 555
100 Delaware Lack & West 510
9 560 J ’ne 5 490 J ’ly 620 Mgh
28% 28% 28% 29 *28 28% 28% 29 *28 28% 28% 2,8% 9
00 enver & Klo G ran d e.. 27% JFeb
’n e 22 35 Feb 15
23% J'ly
52 Jan
58 58 57% 58% 57% 57% 57% 58% *56-% 57 *57 58 1,63
6
Do pref____
55R
J
’n
e
22
62% J ’ly
74 Feb 21
si Jan
*13% 15 *__ 15 *___ - 15 *13 15 *13 15 *13 15 ....... ------W
11 Jan 6 15% Mch 30
10 J 'lv
i834 Jan
*26 28
28 *26 28 *24% 27 *24 27 25 25
1
0
0
Do pref______
22 Jan 6 30% Meh30
17 J ly
34% Jan
37% 36% 37% 6% 37% 36% 37% 30% 37% 37 38%100,850 j% ie ______________ ” ”
3
Jan 11 3S% J'ne30
191* J ’ ly 34% ja n
50
7% 57**4 57 58 3
57% 59 58 59 58 58% 677g 60% 36,400 J Do 1st preferred___ 27%
45%
Jan
12
60*g
J
'neao
35 J ’ly
5234 Mch
46% 46-^4 40% 40% 47 47% 47 47% 7 47% 47 49% 7,400
Do 2d preferred___
35 Jan 9 49% J ’ncso
26% J ’ ly
42 Mch
137% 139 138%139% 1373.J 1,3834 1.37%138% 14
37%13734 1303.1 137% 20,050
122 Feb 24 140 J ’ne s 1IS J'ly 143% Jau
02 0*6*2 6134 02% *61 021? 01% (U% 01
6
2
%
*0
1
%
0
2
1
,3
0
0
Iron Ore properties___
66
Jan
6384
Feb
2
45 J ly
80% Jan :
*13% 1 1% *13% 14% *1.3% 14% *13*2 14*4 *13% 14% *13% 14%
..
1 recn Bay & VV.deb ct
131* May 13 15% Jan 17
11 Aug
1S% Mch
*95% 9 9 %J'--- - 99%*_ 99% *96 __ *95 99% *05 99%
J a v a n a E le c t r ic ...
951* Feb 11 96% J'ne 19
88% Ja..
97% Apr
*98% —
*98% __ 8% __ *98% __ *98%
00
Do preferred ..
9334 Jan 12 98% J'ne30
92 M ay
99
an
*__ 142 *__ 142 *9
128%128%*__ 135 *_ 128% 98% 98% 2
150
128 Mch 24 134 Apr 29 112 J ’ne 140 Oct
*110%142 141% 142 141%142% 111%141% 141%1418g 111% 142 2,210
Central_________ 132 Jan 3 11238 J ’ne 27 124 J ’iy 147 Jan :
18 18% 17% 18% 17% 18% 17% 18 *17% 18 171.1 1734 5,700 Ii Hlnols
17R Apr 22 203gFeb 10
ctrop v"t ctfs
14% J'ly
25 %Jan
60% 50% 49% 503.J 45)^3 61% 49% 51% 50 503g 497g 50% 17,300 nterboro-M
Do pref____
Apr 22 55% Jan 4
41% J ’ly
62% Jan
60% 50% 49% 50 59 60 50 50 50 50% 60 50
900 Do pref v o t tr c t f s .I I " 4734
49 j J ’ne26 50% J ’ne 23
18% 18% *18 1834 18% 18% §18% 18% *18% 18% 1S% 18% 3
7
0
15 M ayl2
19% Feb 3 *15 ” J'oe
3u j"an
*35% 35% *30 37 36 36% 36% 30% *30 36% *36 37
500 Do preferred___II]
28 Apr 24 36% J ’ue20
54% Jan
25 J ’l y
*75 82 *75 82 *75 82 *75 82 *75
82 *75 82
C Ft S & M tr ctfs,pref 74 A pr 8 76 May 4
08 Aug
80 Feb
K
35% 36)j 35% 36 35% 353. 35% 35% *34 3
3
4
3
,
3
,850
% 34%
ansas City S outhern.. 32 May 3 37% J ’ne 13
23 J ’ly
•14% ja u
*68% 69% 09% 69)2 69 09 *07S.| 6!) 69 65
*603.1 69
600 Do preferred______ 6412 Jan 3 69% J'ne 13 58 Aug 71 Jan
*15 17 *15 1/ *11 17 *14 17 *14 19
7 *14% 17
I47g M a y 19
ake Erie & W estern ..
1634 J ’ne 16
15 J ’ne
2534 Jan
§34
34
*33 37 *32 36 *32 30 *32 36
35 May 2 40 Jan 13
*30
2
3
4
50 L Do preferred___
6234 ja n
37% Dec
179% 180)( 180% 181 180% 1,SO-)., 179 180% 1797» 181 Z175 170 61,140
16834 Apr 24 181% Feb 3 173% Dec 186 Nay
Lehigh Valley_______
*0/ b'J *57 58% 67% 571? *561? 58 *56 58 *57 68
1
0
0
Long Island____ __
57I4 J nc 21 63 Jan 16
60 J ’ly
70% Apr
15114 152
152 152% 152 152 150% 151 151 152 151% 1515s 2,700 Louisville & Nashville 1421* Jail 25 153 J ’ ne 8 13H*
J'ly 15934 Jan
*li}2 138 135 135 *134% 136%*131 137 *134% 187%+134 137
100 i\ f anhattan E levated. . 134 Mch 28 141 Jan
123 J ’ne
Oc,t
30 30 *29 33 30 30% *29
*30
31 31 1,550 ■‘•’-Minneapolis & St Louis 2H2 Apr 26 31 Feb 15 23 J ’ly 146
5334 J an
45 45 *44 47 45% 45% *44
§45 45 +45 47
600 Do preferred________ 35 Mch 13 69 Feb 14 40 Seo 80
Fob
139 139'g 139%140% 140%143 1113,1 143% 1
4
1
7
.
1
4
2
3
.
1
4
2
1
6
,5
8
5
1
4
4
Minn St P A S S M a r ie ... 13218 Jan 4 152% Mch 30 114 J ’ly 145 Mch :
*150 153 *150 153 153 157 1553, 1501, *155 157 150 150 1,450 Do preferred________ 14734 Jan 6 160 Meh 30 144 J ’ne 155% Mch
*89
*89 89*4 *89 89.% *89% 807g *89 90 89% 89% 750 Do leased line ctfs___ 88% Mch 24 U0% Mch 15 3*86% Sep 92-34 j an ;
37 37 % 37% 3
77g 37 3/1? 30% 37 30% 36% 30 305g 5,100 Mo Kansas A Texas__
31 Feb 24 38% J ’ne 14
27 J'ly
51% Jan j
08 08 *07 63 68% 0
*00% 08% 0 081? *60 6S% 200 Do preferred_____ _
63% Jan 16 69 J 'n e 10
57 J'ly
74% .tan
497g 50% 50 507s 50 580-%
)., 49% 50% *649
1
.1
5
0
1
?
4
9
7
g
6
0
%
1
3
,4
5
0
Missouri P aciflc.
453g Apr 19 63 Feb 1
41 J ’ly
73% May I
*154 100 *155 160 *155 100 *155 100 *155 160 *153 159
IV ash C hau A St Louis* 140% Jan 19 16) J 'n el4
125 J ’ly n o Nay j
*63 67% *63 67% *01 071? *03 071? *03 671? *03 07%
at R ys of Mex 1st pref 63 May24
723g
Jan
20
60
Feb
723g Noy
3
2
%
*31
31% 31% 313g 31% *31% 3H? *30% 31% 1% 31% 1,600 . . _ Do 2d preferred___ 291* J ’ne 8 383g Feb 15 23% J ’ly 37%
N oy
109%110 100*’4 110*2 109% 110% 109%110% 109%110 13
093. 1095* 9,881 N Y Central A H u d so n .. 10418 A pr IS 115% Feb 3 105% J ’ly 128 Mch
*58% 59% *58% 59% 59% 59%
591? *58 59% *58 59% 100 N
V Chic A St Louis____
571* Apr 17 65 Jan 19
55%
May
68%
Nay
'
*102 107 *102 107 *102 10/ *102 107 *102 107 *102 107
D o 1st preferred_____ 1011* Feb 21 1(11% Mch 20 §101 J ’ly 10934 j aa
*85 90 *85 90 *85 90 *85 0 *85 90 *85 90
Do 2d preferred______
63 Apr 7 90 Jan 27
8234 Apr
98 Jan
*110 140 ♦140 145 141 141% 141% 19
41%*139% 141% 141 141 . 1.175 N Y N H A H artford____ 139ig J ’ne23 151% Feb 23 149 Apr 162 Mch •
receipts y_ 141 May 10 149% Feb 27 /<143 J ne 1)151 Mob !
45% 46 45% 46% 457g 46% 45% 46% 45% 457g 45% 46 11,400 N Subscription
\ Ontario A W estern.
40ig Apr 22 46% J ’no27
38% Aug
50 Jan
iuu‘8
109% 110% 10!)3g 109% 109 109% 109 109% 1093S109% 27,025 Norfolk
A W estern_____ 100R Jan 3 110% J ’nc26
881* J ’ly 10S%Mch
U1 *89 91 *S9 91 *S9 91 *89 91 *89 91
8534 Apr 18 91% J'ne 8
Do adjustment p r e f..
88 Feb
91% Mch
407g *45% 48% *45*2 48% *45% 48% *1534 48% *40% 483g
*A4d5d^'S
2 161)
Ohio Trac & Lt 3912 Jan 3 4434 j ’no 0
35 Feb
40%Dep !
135 130*4 134%135% 134% 135 134%1347. 134 1345g 34,200 Northern
Northern Pacific
116 Jan 3 137% J'p,c 8 111% Aug 1463g Jan
*y5 AU5 *9 5 105 *95 105 *95
1
0
5
*95
1
0
5
*9
5
1
0
5
100 Jan 11 102 Jay 10 100 Oct U834 Jap ;
*85 110 *85 110 *35 110 *85 110 *85 n o *85 n o
Do 1st preferred___
*05 105 *95 105 *95 105 *95 105 *95 105 *05 105
Do 2d preferred___ 101 Jan 11 102 Jan 11 105 Feb 118 Jan I
12434 125% 12434 125% 121%12434 1243g 12434 1243g 124% 124% 1243s 20,380 Pennsylvania
Mayl5 130% Feb 2 122% J'ly 138% Mch 1
00 94% 95 *94 9G 95% 96 *94 90 *94 96 1,050 PIttsb Cln Chic A St L I I I 1201*
9312 Mayl3 100 Jau 17
89 J ’ly 104% Mch i
*108 115 *108 115 *108 115 *108 115 +10S 115 *108 115
Do preferred_________ 111 May20 112 FcJO 17 110 Oct 116 Meh
159% 1007g 100 101% 15973 lfi07g 159%100% 1593.1 100% 1593g 160%290,500 T reading
.......................... 149*4 Apr 24 10134 Feb 7 130% J ’ly 172% Feb f]
*9U% 91 *90 91 91 91 *90% 92 *903.1 92 *91
100 MM 1st preferred______ 88 Mch 1 91 Feb 3 x85 Aug 93% Feb :
*90 97% 97% 97% 98 98 *90 98% *90 98% *95 98
200
94 Jan 5
2d preferred..............
Mav 2
87 J ’ly 110% Jan j
33% 337g 33% 33% 33% 33% 32% 33% 33 33 32% 33 15.9
0 R ock Island Com pany___ 2734 A pr 21 101
343g J ’ne 14
22% J 'ly
57%Jan 1
6
7
%
6
6
7
g
*05% 0/ 05 05% 04% 64% *04% 65% 90
*00%
0
0
0
(5
%
Do preferred________
57*4 A pr 24 08% J ’ne 14
54 J ’ly
92% Apr 1
*07 08 *07 68 *06 68 *67 68 *00 68 *60 68
Fr, 1st p ref.
61 Apr 24 68% J ’ne 3
58 Aug
73 Jan
46 46 40 40% 46 40% 45% 46 45% 40 45% 4512 1,960 S t LDoA San
preferred____
38 A pr 22 47% J ’ne 3
34% Aug
60 Jan
*32 33^4 33 3334 *33 34 *33 34 *32 34 *32 3 .3 % 200 St Louis 2dSouthw
24 Jan 13 34 Feb 4
estern..
18% J ’ly
34% Jan :
71% 70-% 72 72 72 *71 73 *70 73 *69 72 1,400 Do preferred_____
*69)2 12
6934 Jan 3 72 J ’ ne 26
...
6H* J ’ly
77% Ja» j
120% 334 124% 1203g 125%126% 124% 125% 124 126%xl22% 1233,1 198,350 Southern Pacific Co_____ 1133g Apr 18 1263g J ’ne26 103%
zl33% Jan
31% 32*4 31% 32% 31% 32% 31% 32% 31% 31% 31% 31% 22,200 Southern v tr ctfs stm pd. 251* Mch 4 32% J ’ne 15 18 JJ ’ly
’ly
3334 Jan 1
/1*4 71% 717g 721., 72% 72% 72% 73 72% 72% 71 72 0,500 Do pref
61R Jan 11 73 J'ne 28
do
43 J ’ly
75 Jan i
*28 20 28*2 29 *27)4 29 28% 23% *28 283,
400 'T’ exas A Pacific_______ 25*2 Jan 3 30% Feb 21 22%
J ’ly
36*4 Jan >
11 11% 10% 113g 10% 10% 10% 103g 10% 10 % 10% 11% 1,650
8% Mch 2 14% J ’ne 9
-Mhlrd Avenue (N Y ) ___
5% J ’no
19% Tan 1
*7 734 *7 7% *7 7% 7 7 *7
*7
1
0
0
7
%
7
%
Toledo Railways A L t ___
634 Mch 27
8% Jan 17
5% J ’ly
1534 Jan '
22% 22 % 22 % 22% 2 2 % 22-s 21 211? 19% 20 20 21 2,850 Toledo St L A W estern .. 19 Apr 24 2434
Feb 8
5
43gJao M
19
J'ly
50% 50% 49 % 50% 4934 60% 48% 493., 47 48% XI6% 463,
Do preferred_________
45 Apr 11 537g Jan 5
4234 J ’ly
72% Jan ,
*108 109 *108 109 +108 109 108 108 *108 108% 10S 108 4,025
2
5
0
10S Jan 11 111 Fob 2 103 J ’ly 117%Jaa
1
9
0
3
g
1
8
8
7
g
1
9
0
)2
1
8
8
%
1
8
9
%
185%189%
189
188% 189% 188% 189%345,600 nion Pacific____
10934 Jan 3 190% J’ne 26 152% J ’ly 20434 Jan ’
91 04'8 91% 95% 91 95 *94 95 94% 94% *94 943j 5,390 U Do preferred.
907gMch 6 9534 Apr 5
88% J ’ly 10334 Jan !
*38% 40 40 40 *331* 391? *38% 39 39 39 *38 39
200 ” n!t R ys Inv’ t of S
31&g Jan 3 49 Feb 20
2334 J DO
42% Jan '!
0934 09% 09% 69% 697g 697g 69 09% 09% 69% *03 70
740 Do preferred___
60*4 Jan 3 76)4 Meh 22
47 J ’ne
72% Jan {
Apr 13 45 Apr 24
*17% 17% *17 173, 17 17% 16% 16% *30
16% 16% 10% 1,800 ra b a s h ____________ _ 41i*
1
6
%
1513 Jan 6 183g Feb 23 "*12%'j’iy"
27*4
38 •|S% 3734 38% 37% 3734 353,1 37% 35% 30% 30% 30% 0,200
Do preferred___II
3278 Jan 11 403g Feb 23
18% J'ly
6.1 Jaa
587g 59 *53 693., 59 59% 59% 69% *58% 597g 60% 60% 1,100
48?g Apr 18 61% May31
40 J ’ly
543gMah
80*4 80*4 *80 821? *80 8
8
2
3
.,
2
%
*80
8
1
1
?
*7
9
%
*79%
8
1
%
Do preferred.
100
75 Jan 14 81 May 13
67
Aug
77 D a
4 4 *3 •I
4 4
33g
3 3% *3 4
900
3 J ’ne28
6% Feb 3
3 Apr
10 Jan I
12
*n
12 1*10 12 11
*10
7g 117g 10 10 *9 12
Do 1st preferred.
10 J ’ne 29 17% Feb 3
200
8 J ’ ne
23 .tan 1
*5
6 §5 % 5%| 5 5
Do 2d p referred ..
5
%
5
%
5
6
*4
5
5 Jan 5
6
3
0
8 Feb 7
4
J'ne
13%
Jaq. I
073) 67% *68% 6!) 687g 09% 0,8% 08% *65 68% *05 6S% 1.100
67 Jan 3 72% May 1
44 J ’ly
04 Nay
Railroads
113% 114 113% 1133. 113% 1133s 43,800 tch Topeka
& Santa Fc
105 105 *105 1051. X1023., 102-% 400
Do
p r e t __________
128%128%*128 128%*1273. 129% 1,4
0
0
108%109% 108% 109% 109 Ols 12,800 Atlantic Coast Idnc U R ..
I Baltimore & O h io ...
*89 89% 89 89 *89 lO
8934
80% 82 80% 81% 807g 817g 600 * Do p r e f _______ _
241%242% 211%241% 241 241% 28,200
13,800 Brooklyn Rapid Transit.

BANKS

bid
Banks
New York
A e tn a _____ 180
America 11_ (il 10
Ainer Exoli. 26)
Audubou _ 105
Battery P k . 15)
Jlowcry 1|... 40)
B r o n x B o r o t 3(8)
Bronx N at. 180
Bryant I’ k 11 163
Butch A Dr 133
cen tu ry 1|._ 150
n h a s c _____ 650

Aik
185
625
115
415
185
16b
145
575’

Banks
ChatAI’henix
Chelsea ExT
Chemical . .
Citizens’ Ctl
C ity_______
Coal & Iron
Colonial 1%.
Columbia 1j.
Commerce .
Corn Lx 1%.
Last River.
Fidelity 1|-.
Fifth A veil.

AND

Hid
Ask
172
178
200
450
100
105
1452 f 470
150
160
400
375
400
1215 1219
325
335
115
125
165
176
4100 1350

TRUST

C O M P A N IE S — B R O K E R S ' Q U O T A T IO N S .

Banks

Filth .........
F i r s t ________

14th St1|...
F o u rth ____
G a l l a t i n ___

G a rfield ___

G e rm -A m V
U e r m ’ n ExlJ
G e rm a n ia 1|.

G o t h a m ___
G r e e n w ic h 1]

H anover___

H a r rlm a n . .

bid
300
990
150
1207
335
285
140
485
550
150
240
630
285

Ask
350
1000
100
f211
300
145
575
155
250
050

Banks
Imp & Trad
Lrvmg N Ex
JeilersonH..
Liberty____
Lincoln__
Manhattan!
Mark’ t&Fui
Uceh JcMet’s
Mercantile .
Merch Exch
Merchants .
Metropolis 1
Metropol 'n|

bid
675
215
145
575
40b
335
250
270
T155
165
179
375
198

Ask
585

Banks
Mt MorrislfMutual 1i___
155 N assau____
New Neth'd
600
NewYorkCo
425
New Y ork.
345
19th W ard.
PaclflcH____
273
Park ______
170 People’s
182% Plaza 1J____
409
205

bid
250
285
300
210
900
305
270
t«72%
245
626

Ask
260
295
220
975
310
100

Banks
Prod Exch \
Reserve . . .
S e a b o a rd _
S e co n d ____
Sherman___
State 1j____
12th W ard.
23d W a r d ..
Union E xc.
Wash H ’ta t
West Side ^
Yorkvlllo U.

Aid
170
85
415
885

135

260

100

175
176
276
650
600

A** 1

*8
j
— t '

•Bid and asked prices: no sale3 were made on this day. tE x-rights. §Less than 100 shares. IState b a n k s , a E x - d l v l d e n d 1
TSalo at Stock Exchange or at auction this week. « hirst Installment paid, n Sold at p r i v a t e s a le a t t h is p r i c e . . 1 2 d p a i d . a n Vd 3r dig hp tasi.d . 6• New stock ,




[VOL. LXXXXII.

New York St.ook Record—Gone!uded— Page 2

26

STOCKS— HIGHEST AND LOWEST BALE PRICES.
Saturday
June 24

Tuesday
June 27

Monday
June 26

Wednesday
June 28

Thursday
June 29

Friday
June 30

Sale* of
the
Week
Sharer

Range since January 1.
On basts of 100-share lots.

ST O C K S
N EW Y O R K STOCK
EXC H AN G E

Highest.

Range for Previous
Year '191 >).
Highest.

Industrial ^-Miscellaneous
235 Jan SO $245 Apr 7 §235 Dec §270 Jan
90 A dam* Express.
*240 24S *240 248 *240 248 $240 241 *238 246 *238 246
15 Jan
7% J ’ly
9*4 May31
— •
7% Apr 18
llis-Chalmers
*81* 014 *812 912 *8% 9% *8% 9% *8% 9% *8% 9%
54*4 Jan
27 Aug
26 Apr 21 31 I e n 3
Do pref____________
*29% 30
“
*29% 32
—
*29% “30
*29% 30
"
*30
“32
*29
33
0034 .1an
55% J ’ly
59% Apr 18 71*8 J ’no 19
' 70*8 71% 701g 713s 69% 70% 69% 70% 69% 70*8 693s 697g 39,100 Amalgamated Copper___
49% Obt
35 J ’ly
44 Jan 3 60 M ayl.
700 Aracr Agricultural Chem.
56% 6612 6612 5812 *5*14 67% *5614 57% *56% 57% 58% 57%
99% Apr 103 Jan
Do pref______________ 101% Jan 27 103 Feb 7
* 101%
*10214
101%
101%
*XQll4
*10114
47% Jan
24 J ’ly
39*.i Jan 12 55*8 J ’ne 10
14,200 American Beot Sugar____
5334 52% 63% 51% 52
54
65 " 63*4 54% 53
54% 65
95% J ’n*
89 J ’ly
e2%Jan 9 100% J ’nol4
Do pref_____ _________
*95
100
98%
*98 102
*9812 997g 98% 98% *98 100
*9812 100
82% Got
91% N ov
90 Jan P 97 Feo 27
Amor Brake Shoe & F d y .
*9212 8334 *9212 9334 *92% 93*4 *92% 93*4, *92% 93*4. *92% 933.,
125% Jaa 6 133 Feb 23 119 J ’ly 131% N ov
Do pref___
*130% 13234 *13112 13234 *131% 132*4 *131% 132*4 *131% 132% + 131% 132%
678 I lie
137s lan
87* Jan 6 12% May u
107g 10% 1034 11
10*4 10% 10*4 107g 10% 10% 103g 1034 2.600 American Can
82% N ov
62 J ’ly
77 Jan 6 88% Ma> 23
Do pref___
85
85% 8434 81% 8434 84*4 3,710
8514 83*8 85% 85*4 *8514 86
301; J ’ly
727g ja u
50% A pr 24 57% Feb 8
American
Car
&
Foundry
5578
661
2,300
66%
56%
56%
50*4
67
57
56i4 58*4 567s 573S
114% Meh 13 120 May 23 109 J 11: 120 Meh
Do pref
100
117 117 *116 118 *116% 117% *116 117 *116 117
*116 118
r2% j ’ ly
6934 Meh
4+% May 2 62% Feb 28
800 American Cotton OH____
53
52% 61% 5134
62
52
*52
63
52% 52t2 *52
5?
100 May26 105% Feb 6 100 Doc 107 Oct
Do
pref______________
*09
102
150
+99
102
102
*99
*9912 102
100 100
*99 102
§230 Doc +320 Jan
$255
Jan
27
$224
Jan
11
American
Express______
*235
230
*335 238 *235 238 *235 239 *235 239 +238 23P
8% Jan
3% Sep
5 J ’ne 14
3*4 Jan 26
*4% 5
’ ' ’ 466 American Hide & Leather
*4% 5
5
5
434 47g *4%
5
19 Sep
*4% 5
47T8 an
20 Jan 10 2t,% J ’ne 14
Do pref
*25
27
100
27
*25
27
*25
*2512 271e 25i2 26% *25% 27
20% Meh
16*8 Doc
17%
Jan
17
25%
M
o
b
il
American
Ioe
Securities.
*22%
23
1,000
23%
23% 22% 227g *22% 23% *22%
*23
2314 23
17*4 .-an
10% J iy
12*4 Feb 14
10% Apr 21
100 American Linseed
*1114 IH4 *1H4 11*4 *11% 113,4 *11% 11*4 *11% 11*4 11% 11%
25% J ’ne
46-8 -an
30 Apr 21 34 Feb H
Do pref_______
100
*30% 321
*30% 3212 *3012 32% 31% 31% *30% 32% *3012 33
02% Jan
20
J
’ly
43%
May22
35%
Apr
21
American
L
ocom
otive___
40%
40%
900
*40% 41%
41
42% 41% 41% 41
41% 4H4 42
104 Apr 18 110% Jaa 13 102% Aug 115 Jan
Do pref
10
$109 109 *108 110 *107 110 *108 110 *107 110 *107 109
3% Dec
8 Feb
6*8 Jan 21
3% Fob 17
5%
200, American Malt Corp-----*434 5% *47g 5% *47g 5% *5
5
5
*434 5
48 Meh
28% J ne
31's Men 8 42% Jan 22
41
41
42
42
Do
pref
43
480
*41
42
41% 41% $42
907
s ja il
41
41
82
J
’ly
80
Feb
2
86
Moh
8
88« .|
200 Amer Smelters Soo pref B
88*4 88% 88% *88% 8834 88% 88% *88
*8814 88*4 *88
61*8 J ’ly 104 Jan
80% 79% 79*4 53,950 Amer Sm elting* Refining 70% Apr 18 837s J ’no 15
78*g 80% 78% 79% 79
8118 817g 80% 82
98%
J
’
lV
112*4
fan
108
v
J
’no
15
rl02%
J
’n
c30
Do
pref______________
.*103*4
103*4
900
*107 10712 10734 10734 106% 107% 106 106% 106 106
Nov 285 Apr
American Snuff__________ 250 J ’ne 1 325 “ M*\2J 245
*250 . . . *250 . . .
*250
. . . *250 ___ *250 ----- *250
102 Dec
05% 97% J ’ne 5 104 May a
Do
pref______________
*96%
9#
100
*96%
90
*96
*96%
100
*96% 98
*9612 99
38 J ’ly
66 ,<an
39*4 Apr 7 52% Feb y
41% 41% *4 1" 42% *40% 42
100 Amer Steel Found (new ).
*41
42
*41
42
*41
42
127% Feb
Feb 27 111% Oct
300 American Sugar Refining 113 Jan 6 122%
118% 118*8 *118% 121 *118 121
120 120 *118 121
*118 120
11 Jan 5 119% Feb 14 111% Doc 124 Feb
Do
p
r
e
f
.
.
-----------------*117
120
♦
117%
120
*117
119%i
10
$118
118
*117 120 *117 120
126*4 J ’ly 143% Fob
148% 14834 1483g 148% Cl39% 139% 24,850 American Teleph & Teles: 139% J ’ne3J 153% J ’ne 8
00% J ’ly
0934 Meh
. 148*4 149*8 148*4 149% 148% 149
May 18
96
2,440 American Tobao (new ), pf 93% Jan 4 10
97% 96
95% 95% 96
39% Men
96% 95% 96
25% j ’ly
§96% 961 *96
30%Jan 3 36% Moll21
American
W
oolen
32
32
32
*31%
~~
*31
525
$32
“
32
32
90% Dec 104 Meh
31% 31%
3178 317
96%
J
’ne
16
86%
Meh
29
Do
p
ref______________
1,200
92
*91
92
92% 923g 93% 93% 93% *91% 93
91
913,
341Feb
15
27%
M
eh'7
400 Amer Writing Paper, prf.
29% *28% 29% *29
29
29%
*28% 29
$33% J ’ly $54 ja n
28*8 28* *28% 29
000 aAnaeondaCopper P a rf 25 536% Apr 18 $41% J ’ne 1
40% 40% 40% 40% 40% 403, 40% 40%
347s Oct
21 J ne
41
41
! 4014 403
26% Meh 14 34% J ’ne 10
33% +33
33*8 *33
35%
33
700
33
33% *32% 34
65 ,ian
49 AUg
*321S 34
64%
Apr
I
59
Jan
3
Do pref...........
62
875
63
63% 63% *62
62% 62% 62
62
63
*62
63
145% J ’no 8 125 J ’iy 164% Jan
135 Jan
Brooklyn
Union
Gas____
*143%
145
145
200
142
*142
144
144%
*143
143 144
18% Jan
8 J uc
*14212 143
lo*4
Feb
1
Jan
9
Brunswick
T
e
rm
*
R
y
Sec
034
934
100
*9
10% *9% 10
33 Jan
28 J ’ne
*912 IOI4 *934 10% *934 10%
28 Feb 16 31 Moll 30
Uuttcrlck C o......................
*29% 31
*29*4 31
*29% 31
*29% 31
4834 Jau
*29% 31
25% iy
*2914 31
A pr 24 3373 Feb 2
26
entral
L
ea
th
er...
30
303.4
3,850
30%
*29*4
30%
30%
30
30*4
30*4 3134
99% J ’ly 109% Meh
31M 3 llj
98% Apr 22 105 Feb 10
Do pref____________
456
*997s 101
*100 1011; 5101% 101% *100 101% 100% 100% 100 100
23% 23% 233g 23% 23% 23% 3,025 dChlno Copper____Par $5 521% Apr " 525*4 May 19
2334 24% 2334 24
50 .tan
22% J’ ly
*2334 241;
36*8 Feb 6
28%
Apr
22
Colorado
Fuel
*
Iron
—
3434
3434
3434
900
3434
35
34%
34*8
35
34*4 35
"
35
35
-------Jan 3 148 - J no 6 122% J ’ly 100*8 Jan
.Consolidated Gas (N Y ) . 135*4
23% inn
11%
J
U1
145 1453, 146 14634 146 146% 146% 116% 145% 145% 145% 146% 3,800 Corn
15*4
Mavl7
13%
Jan
10
Products R efin in g..
15% 15*8 147g 15% 14% 14% 1434 14% 14% 14% 2,020
89*8 Jan
I5I4
70*8 J ’ly
15
7419 Jan 10 85 May 29
Do p r e f . . ......................
300
3634 Jan
25% j ’iy
*82% 831 *82% 83% *82% 83% *82% 83% 82% 82% 281% 81%
38%
Meh
32*8
Jan
11
Distillers'
Securities
Corp
36% 1,500
12 Oct
60 Meh
36M 37*8 37% 37% 36*4 3634 36% 36% 36% 3G3g 36
Federal Mining & Smelt’g 17*4 Jail 28 36 Feb 16
36
*28% 36
*28% 36
*28
36
*28% 40
*28
88 Jan
37 Oct
*2814 36
48% Jan 11 60% M ayl9
Do pref______________
220
67%_ *64% 67% *64% 67%
67% *65
65% 657g *65
134 j ’ly 16078 Jan
66
66
168*s
May29
£14..%
Meh
General
Electrlo______
tl
3,200
161% 162
162% 162% 162 162
$7*4
OCC
S9% Sep
16312 1641 162 16434 162% 163
7%
Jan
"
5%
Jan
14
6
6%
6
6% 25% 5% 7,208 Goldfield Con M . Par $10
J83%l‘ «b
6
6
6
6%
125 ja u
6
6%
Mav
12134 122% 121% 121% 121% 121% 2,020 i nt Harvester stk tr efts 109 Jan ' 129*8
*117 Aug 129 Jan
121 1213, 122% 122% 12234 123
128%
May
1221.;
Jan
Do
pref
stk
tr
c
t
f
s
..
200
7% Jan
4% J ’ly
12412 12412 *122 125 *122 125 *122 125 ♦122% 125 *122% 125
57g Jan 30
4% Apr 20
200 Int Mer Marine stk tr ctfs 15%
47„ 4%
47g 47g *47g 5*8 *47g 5%
24% Jan
12*8 j ’ly
*47g 5%
Jan 17 19% J ’ ne 17
Do pref________
925
17% 17%
17% 1734
18
16 Jan
0 J ’ly
*1712 I8I4 1734 177g 18
13*8
Jan
31
9%
Apr
27
International
Paper
900
12
12
11*4 11% *11
4119 J’ly
61% Jan
11*4 1138 11% 113.4 1134 1134 *11
44% May 15 56*8 Jan 17
Do pref________
1,570
48% 49
*49
61
60
49
64% Jan
49
49
4812 48% 49
36% J ’ly
48
Feb ‘
6,810 Internat Steam Pum p___ 38% Apr 18 44
*42% 43
43
42»4 42% 43% 43
427g 42
90*4 Jan
78% J iy
!X)i9 j ’ne 12
41*4 4134 42
84%
Jan
26
Do
pref______________
665
*89% 90
89*4 $897g 897g 89% 89% *89% 90
116% Jan
897g 89% 89
93*4
J
’ly
11419
Jan
20
102
Apr
18
107S4 108
10,100 Laclede Gas (St L) c o m ..
10734 108
98 Oot
108% 109% 108% 108*4 10734 108
79 J ’ly
108*8 109
89% J ne23 95 Feb 2
100;Mackay
Companies_____
89%
891
*89
91
*89
91
*89
91
78*4 Oot
*89
91
71 J ’ iy
*89
91
74% J ’ne 16 77 Meh 7
KM)i Do pref..........................
*737g 747g *7 4% 747g ♦737g 747g *737g 74% *74% 747g 747S 747S
$227g
J'ne20
518%
Apr
18
22% 22% 22*% 2234 223g 22% 22 % 22 % 6,150 r/viaml Copper. . . Par 55 117% Jan 16 141 Apr 4 100 Aug 119% Deo
22 % 2212 22% 227g *135
600
TVTatlonal
Biscuit______
1367g
137%
*133%
139%
*133%
137
138
J ’ly 125 ja n
188t2 138*2 138 138
575 1+
Do pref.................... 124 Jan 20 130 Feb 4 118*4
28% Jan
14 Sep
129 129% 128*4 129 *127% 129% *127% 129% $129 129 *127% 129% 8,510 Nat Enamel’g & Stam p'g
16% May29 2 % J*ne30
18
18% 18% 18% 18'% 20%
167s 18
84 Oct
96% Jan
*15
17
' *15 17
07 J ’ne30
85
Jan
350
Do
pref________
97
97
*94
98
*94
98
95
95
89% Jan
46% J iy
92
92
- *88 92
69 Feb 2
60*8
Apr
25
I
300
National
Lead_____
65% 65%
110% ;an
56% *5534 5634 *55% 56
101*4
J
'ly
109%
May22
66% 66I4 56% 66% 56
105%
Meh
24
350! Do pref------------*108 10934 108 108 *107 10934 *107% 109*4 *107 10734 107*4 107% 2 ooflidNev Cons Copper.P a r 55 517% Apr 19 $21% J’ne 14 317% J’ ly $22% Oot
19%
19-%
1934
1
97g
19% 19%
69 J US
95% ja n
20 %
19% 19%
20
20% 20
68 ADr 27 75% J ’ne 19
’ 100 New York Air Brake-----75
*72
75
75“
*72
*72
00% Nov84 Jan
75
747g 74% *72
*70
75
64 Jan 10 76*4 May 18
600 North American Co (now)
73*4 73*4
74
2278 J ’ly
74% 7334 73% 74
43% Jan
! *73% 74% 74% 74% *74
23% Apr 24 29% Jan 4
1
600
l>aclfio
Mail____________
27%
27%
*27
27% 27%
30 J’ly
46% Jan
54% Jan 31
44
Jan
"
27% 27% 273g 27% 27% 27% 27
’
l
aclfic
Telep
&
T
e
le
g
..
*49% 49% $49% 49% 49*4 49% 49% 49% 1,090 People’s G L & C (Chle). 103 Apr
50
109 Jan 19 103 J ’ly 116% Jau
50
4934 60
700
106*4 106% *106 107 *106 107
84 J ’ly 106% Jan
11819 J ’ ne 3
100% Jan
*105% 106% 106 106% *106 107
Philadelphia
Co(Pittsb'h)
27*4 Jan
13 J ’ly
23% J ’no 6
*112 116 *112 112 *112 117
17% Jan
20
20% 20*4 20% 203g 19*4 19*4 1,000 Pittsburgh Coal C o_____
20
22
85 Jan
60% J ’ly
88% J ne 1
*207g 21% *21
67*4 Jan
Do pref_____________
3,100
84% 85
85
86 _ 85
85
85
85
5178 Jan
86
86
25 J ’ly
86
86%
37*8 J ’ne 27
30% Jan
Pressed
Steel
Car______
915
*36*4
37%
*30
37
37
37
*36
37
3634 37
90 j ’ly 107% Jan
102-4 J'ne 16
37
37
92% Jan
200
102 102 *101 103 *101 103 +101 103
*101% 103 *101% 103
116%
Jan
31
120
Fob
7
Pub Service Corp of N J
*117 120 +117 120
*117 120 *117 120 *119 120 *117 120
159 Jan 3 163 Jan 30 155 J ne 200 .Jan
268 Pullman Com pany_____
162 162
162 162 $162% 162%
5l7g Jan
28 J ’ly
$161 161 *161 162 *161 162
31 Jan 11 39 J ’ne 14
37
35% 35% 1,800 I* ailway Steel S p rin g.37
*36% 38
103 J ’ no 15 £90% Sep 107 Jan
38
38% 37% 3734 37% 37% * 101%
92 Jan
•'
D q pref......... ..........
102% * 101% 1021 ■> *101% 102U
May 18
S18%
*101% 105 *101% 105 * 101% 102%
515%
Apr
19
dRay
ConsCopper
Par
510
17%
171'
1,000
17%
173.,
17% 171
457g Jau
27 J ni*17% 18
18
18
29•; Muv.j I 35% Feb 6
18
18
30% 30% 1,825 Republic Iron & S te e l..
104% Jan
82*4 J ’ l y
, 30% 303g 30% 301; 30*4 30*4 30% 30% 30% 30% 93% 93*4
92% Apr 26 09% Feb 1 150
Do pref
640
j ’ llh 190 Nov
933g 93% $93% 93%
*93% 94
192 Feb 0
*93% 937g *93% 94
130%
May
26
ears,
Roebuck
&
C
o
..
*141
142
100
86% Jan
S loss-Sheffleld Steel & Ir 49 Apr 22 66% Feb 6 48% Dec $40*8
*141% 142% *140% 144 *141 144 *141 142% 141 141
50
50%
300
Jan
*49
51
*50
52
J ’ne 13 819*4 J ’ly
*50
62
*50 . . .
*49
52
4()34 41% 4,700 dTennessee C opp.P a r 525 $32 Jan 11 S44
144 Oct
41% 41% *40U 111
136%; Fob l 134 Oct
41% 42% 4134 42
J
n
o
15
41% 42
rll5
Texas
Co
(T
he)................
870
122 122% *120 123
J
’lic26
12134 121% $123 123
111
Meh:
9
120 121 $122 122
63
Typewriter
103 106% 10134 104% 102 103% 102% 102*4 18,052 I' >I nderwood
103 Meh il 113%. J ’ no 10
99% 105% 105% 111
Do pref______
625
0 J ’ly
13% Jan
111% 111% 111% 111%
111 111
9 Feb 1.
*110 111U +111 111% 111 111
7. May 10
1,500 Union Bag & Paper
8
77g 7% *7
52% Dec
73 Jan
8
8% *7
7-% 8% *7
66*8 Apr 29 59%>Jau 30
*7-% 7-%
Do pref________
100
*56
59%
*56
69
96
Aug 122 Jan
*57
59%
*56
60
'
J
’
ne20
69%
69%
108
100% Jan 27
*57
59%
United
Dry
Goods
Cos.
600
*105*4
107%
*105*4
107%
99%
Aug
1137g Jan
102% Jan ' 107 Feb 18
*10034 107% 107% 107% *10634 107% 106% 107%
Do pref_____________ _
300
14% J ’ly
105% 106 *105% 107 *106 107
32 Jau
15 Jan 10 19 Feb 23
*10578 107 *106 107 *106% 107
375 U S Cast I Pipe & Foundr
40 J’ ne
84 Jan
*15
"101 $10% 161
18
16% 17
17% 17% *17
60 Jan 10 £61 Feb 2
*17
177g
Do
pref______________
170
$57%
60%
57%
§93%
Dec
*55
145 Jan
§105 Jan 27
57
95
Jan
7
59% 67% 57% $57% 57% *56
*56
United
States
E
xp
ress...
100
*96
99
98
64*4 J ’lV
84% Jan
97
*98
$97
—
*98
99
79*4
May
29
98
$98
65%
Jan
25
98
*95
U S Realty A Im provem ’
*76
77
52% Jan
27 J ’ly
77% *75% 77% *75% 77
*77
78
*76
36 Jan 6 47% Meh 1
77
*75
41% 417g 11,600 United States R u b b e r ..
42% 42%.
09 J ’ly 116% Jan
1147g Apr 10
41% 40% 40*4 40-% 42-% 42% 43%
109%
Jan
18
41
Do
1st
pref__________
600
114 114% 114 114
69% J’ly
84 Jan
79 Meh 1
113% H I *113% 115
72%
Jan
31
*113% 11434 *113% 115
Do 2d pref__________
*76% 771
61% J ’ ly
*76% 78
*77% 78
*76% 78
91 Jan
71*8 Jan 3 82% Feb 6
*76% 78
*76
78
110% J ’ly 125*3 Jan
79% 78% 787g 78% 78% 427,850 United States Steel____
120% Feb
79% 78
116%
Jan
78% 79% 783.i 797g 79
Do
prei_____________
1183* 118 118% 118% 118% 5,338
J$39% J ’ne $00% Ian
$52%
J’
ne
14
$42%
Apr
19
118% 118% 118% 118% 118% 118*8 1177s
4934 60% 49*4 50% 49% 49% 12,900 dUtah Copper___Par 510
61
47 Feb
66% Oot
5 ;*4 J’ no 19 70*8 Feb 28
50*4 51% 50
60% 51
65% 12,700 Vlrglnia-Carollna Chem.
56% 56% 55% 66% 55% 55% 55
122% Apr 22 128% Meh 15 117 J’ly 129% lan
56% 57% 55% 57
Do pref
124% 127
177
May2t>
144%
Doc
195
an
§150
Jan
18
*121 127 *124 127 *121 127 *124 127 *124% 127 ♦
ell* Fargo A C o.
155
66 J ’ly
78% Meh
71% Apr 18 84% May24
*171 173 *171 173 *171 173 *171 173 $173 173 $172% 173%
estern Union Teleg
2,145
797g 80
79% 79% 78% 79%
80
49% J’ ly
82% Jan
64-g Apr 19 79 May29
§79% 79% 79% 80% 80
Westlngh’seEl
AMfg
aasen
2,950
110 Mav 130 Feb
Jan 1 123 Jan
76% 75% 75% 75% 75% 75% 75% 75% 75%
76% 767g 76
Do 1st nref.................... HO
267
119 119 ♦110% 119 $114 114 *110 120 +110 120
*118 120

W

BANKS

hut
Banks
, Brooklyn
; Broadway 1 385

Ask

400
155
310
290
125
Hillside^___
115
H o m e s tea d l
430
M a a u f a c ’ rs
415'
240
Meohanlcs'T 225
15b
M o n t a u k __
N assau------ 245" 256

C o n e y I s l’ d f
F i r s t _______

AND

TRUST

C O M P A N I E S — B A N K E R .S '

irust Co’ s
Bid
Banks
N Y City
Brooklyn
B’ wav l r . .
300
Nat C lt y .. . 285
Central T r ..
170
Nortb Side I 150
165 Columbia . .
People's . .
158
Commercial
145
Prosp’ctPk- : 135
E m p ir e ___
Eqult’ ble Tr
trust Co’ s
Farm Lo&T
Fidelity . . .
N Y City
. 347% 357% F u lto n -----r 690
700
Ask

Bid

Ask

142%
1000
300
105
300
500

148
1050
310

__

310
510
1525

1220 " . . . .
300
310

1 rust C o ’ s
Guar’ ty Tr
Guard'an Tr
H u d s o n ___
Knlckerbki
Law T l&Tr
Llucoln Tr
Manhattan
-Mercantile .
Metro pol’ t'n
M utual____
Hut All nee

Bid
800
135
140
285
248
12)
390
735
475
132%
125

q u o t a t io n s

Ask ' 1rusl Co’ s
NY Llfe&Tr
825
N Y Trust.
Savoy..........
150
Standard Tr
205
l'ltleGu& Tr
262
132 Tr Co of Am
Union T r . ..
410
US Mtgfls Tr
750
Unit State*.
435

__

__

130

.

Bid
1050
600

__

390
485
370
1230
475
1150
Washington 360
Westchester 15)
Windsor . .
97

Ask
1075
625
90
405
495

__

1250
485
1175
375
160
100

1rust Co’ s But
Biookiyn
Brooklyn Tr 440
Citizens’ ---- 120
200
l-'latoush
Franklin___ 1192
11nmil ton - - 2 -5
106
Dome . . .
Kings Co . . 505
L 1st L & Tr 320
N assau------ 155
People's . . . 300
jueens C o. 100

A sk

450
130
215
27V"
115
165
310
115

’ " ’ •nid and asked nrices- no sales on this da y. $Loas than 180 shares, t Ex-rights, b New stock, c B x-dlv. and rights. d N °£ t(luotcd dollars per sharpL ' t a ^ r t s S c k E x ch rn g rora ra u ctlon this week, s E x-stock dividend. 1 Banks marked with a paragraph Cl) are State banks.




New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
Jan. 1 1809, the Baohange method of quoting bonds was changed, and prices are now all—"a n d interest” —except for income and defau lted bends.
BUNDS
N. Y . STOCK K X O H A N fiE
WRHK KNIJINQ .TURK 30

%l

Price
Annas
Sfts1 June SO

Week’ s
Jianye or
I axsI bale

Lange
Uince
i i ' i January
1

BOND«
N. Y. STOCK E X C H A N G E
WKHK P-HDINQ JUNk 30

Price
Fridao
June SO

Week’s
Jiange or
Last sale

Lange
bine*
Jantiarv 1

Jt\(ih Ao Iww Jttgh
B ia
Ask Lew
A sic Low
High Ao Lew High Cent ot Ga B B —(Von)
Bill
3d pret income g 6a atamned.
85 4 Oct ’ 10
US
08
( j.j 100*. 100*4 l o i 4 Apr 11
1()14 101 4
Gliatt Iiiv pur mon g 4 s .1951 J-L*
101 May’ 11
8 8 4 ........ K84
8 84
t i-j 1004
*74 *84
101 101*.
Mac A N or Dlv 1st g 6a. 1040 J-J 100 ........ 1064 Mar’ l l
w-P l o l 4 102 »< 102 A p r’ l l
106 4 1064
102 103*4
Mid Ga A AU BlV 6 s ....1047 J.J 1063,........ 115 N or’i)5
1014 May’ l l ’
tJ-F 1014
1 0 l7» 1024
Mobile B iv 1st g 6s....... 194(5 J-J 109*4 110 4 lOHS, Mav’ H
loi** J ’ly '10
108*4 109*4
Ceu B B A B ol Gu col g 6a 1937 WI-N 103 107 103
103
m
l 1014 103
116 1 U 4 J’ne’l l
114 110
122
1 U 116 114*8
7 132 123 4
6 114^ 1 16*i C entot N J gen’ l gold 6 s .1087 J-J 1214 123 122
B egistered................ /tl087
101)
1224
121 122 122
100*4 lot) 4 J’ne’ l 1
122 1234
1004 1084
Am Book A Imp gu 6 s..1021
l02=* Sale 102<4 lu27a 1
itiyi 102*8 103
1064 kale 1064 1064
1004 1084
Be A iiud B gen tu g 6s 1920 j . j 103 4 ........
I
I'nrv+j}i»
Beh A W ilks B Coal 6 s ..1912 M-N 1 0 0 4 ........ 1004 A pr '11
100 4 100 4
N Y A Bong Br gon g 4s 1041 M-S
07*8 b P74 H9
Argentine— I *i ternal 8s ot 1909 M-S t 9 7 4 97*» 07*8
0 0 4 ........ 00=8 D e c '10
Ceut Paomo A«« So Pacinc Co
03 2 Jlj 0 74 08
. t 08 Sale
ClUneso (ilukuiuig) By 5» £ . .
07 4
CentVermont 1st gu g 4s.el92o Q-F
XiuyciLHi
vjoTwi<■»iu-1
874 924
8 9 4 00*8 004 J ’ne’ l l
04*8
04*4 48 03** 03*. Cliaa A g a r bee A tl Coast Buie
tiler ling kmik 4
itfSSi F A t 0 4 4 Sale
100 N ov’ 10
8 0»*p 0 54 Cites A Ohio gold 0s........a lO ll A-U
2U Banes 4 4a................ 1929 J -J i 04 4 Salt,
044
044
Gen
funding
A
unpt
6s.
19X9
1027s 100 4
1 8 7 4 01)
J t 88 4 8 i
Steriln* io*n 4 n .............1931
83 4
3*4
J-J 104 4 105 104 4 105
1st oonsoi g 6s................. 1939 Ki-N 1124 . . . . 112
1(3
1024 J’ne’ 1 1 .. .. 102 4 104
_ 410J 4103
Repub os l "him as ox leu debl.. M-3
1114 H 3 4
B e giste re d ...................1989 M-N .............112 . 111*4 M»y” l
90 J ’ne’ U . . . . y7*< lot)
External l(S»n 4 4 s ........ 1949 B’-A t V8S 90
111*4 1 U 3*
General
gold
4
4
s
............
1092
1004 102
l! 97
97 4
07 H 9 ( 4
Sau PauiotbrAzili trust 5s 1919 J-J It 07
M-S 1014 1014 1014 ih'N
97 4
Begis tersd.....................1992 « - 8
96 4
0j 4
100 100
0 » ol raexico a i g 6* ol 1899 o-J * OS** 90
3 94 4 08
90 4 ....... 100 Msy’ l l
Convertible 4 4a ............ 1930 F-A
06
98 ‘4
00 Sals
04
07 4
Gold 4a ol 1004................ 1044 J - d I * 0 4 9 2 4 9 1*8 J’ ue’ l 1 ....J 91
04 4
big
oarniy
1st
4
*
.............1944
37
80
4 These a re pr ices o n the 0
o f $5 to £ .
J-D
86
87 4 87 May’ l l
.■State and City SecHritioa
Coal ltlv B y 1st gu 4a ..i9 4 o J-D
38
884
85
884
8* 4 Hale
Craig Valley 1st e 6e___1940 J-J 1 0 1 4 ....... 102*4 A p r’ l 1
120 J0O»4 103
N Y City—4 4 s ...................10(50 IW-s1 102 4 ftala
102*4 103
Potta Creea Br lat 4 s ..1940 J -J
21(>9 1094 1044
On Jan ’09
4 ‘,s reots iut fro Jaa 24 IMF M-S 104*5 *a»b
80*4 85
b a a b iv 1st con g 4 s ..1989 J-J
,271 9 84 1004
Corporate au*. k .......i960 m -N 100 ** Sale 100
9» 4
9 6 4 00
0 5 4 0 6 4 95 4
2d consol g 4s................1989 J-J
2D 0 8 4 10114
» . Coruorate olook ....19B 8 M-N 10o*g sale 100
00
92 4 924 J ’ne’ l l
0 04 0 2 4
Warm apr Val 1st g 6 s ..1041 M-S 106 .1084 1134 * s o ’05
1 1004 100 4
Now 4 4 s ..........................106T M-N 1084 salt
Greenbrier By ls t g u g 4s '40 M-N
1024
1 1014103
HO .......
95 O c t ’ 10
Now 4 4 s ..........................l a l ’t M-N 103*4........ 102 *
Clue
A
A
lt
B
B
ret
g
8
s
...1949
_
100
10i*,
20
73
Sale
A-O
4 4 % Corporate block ..1087 M-N 1084 109
100 4 100 4
72 4
73
7 24 73*4
dtautvay 1st Hen 3 4 s ...I9 6 0 J . j
07
07
07
68
4 4% assesamt b on d s.... 1017 M-N 1 0 2 4 ........ 103 J ’ue’ l l .... 102 103
07
714
Begistered..................... i960 J-J
1004 2* 9S4 1004
76 Oct ’00
4% Coiporate s to c a ....l0 6 7 M-N 100 1004 100
U1UO
burl
A
is—B
envB
4a
1922
i0
0
4
J’
n
a
'll
0
9
4
Pi*7
,
99
094
N Y state—Canal Inipt4a.l9o0 J -J
094 994
F-A
1044 1064
Illinois B iv 3 4 a .............. 1949 J-J
38
8o Carolina 4 >v»s 90-40........1U3.. j-J
08 ....... 08
88
8 8 4 88
874 884
Begistered.....................194a J-J *87 ...
97 .'lev’ l l ___ 06
88 Sep ’ 10
07
Penn new astUewsut 3 s.. 1913 J-J
07
08
ills Biv 4 s ....................... l ‘J4y J-J
Virginia Hum ueui 2 -;ta...l9 9 i J ■J
9 04
804
9 94 1004
0 2 4 0 0 4 09 4
8 0 4 ........ fcG*s J ’ne’ l l .. . . 86
Iowa B iv sing fund 6 s ..1919 A-O 105 ....... 105 4 J’ne’ l l
67
10 40
Os deterred Brown Bros otts.........
07 4
6 0 4 674 57
1064 105 4
bm kuig fund 4a.............l u io A-O
09 4
09 4
0 0 4 Balt
0 94 0 0 4
Nebraska Extension 4a. 1927 M-N
B n iliom .
98 _
03*4 09*. 98*4
9 6 4 09 4
Begistered.................... 1927 M-N
a laoamn Coni bee So By
98 4 Mar’ i 1
P84 0 8 4
Souinweateru B iv 48....1U21 M-S
Jx.labs Stull bee A t CouatBine
00 F e b ’l l
00
90
00
J
om
t
bonds
bee
Great
N
ortb
Albany <b Suao bee D e l* llua
Bebenture 6s................... 1U13 M-N 1014 Sale 1014 1014
ABeg «fc West bee Bull 11 A r
101 1014
General 4s........................ 1968 M-S
82
2 7 8 4 85
Ann A rbor 1st g 4s.........a 1906 q . j
0 04 Hale 904
9 04 08
964
82 Sale 82
90
0 b34
05 08
AtOli 'i <b a Be—Gen g 4a. 1906 A-O
81
83
8 1 4 81*4 81*4 81-,
087» Sale
0 9 4 Clue a e Hi ref a imp g 4s 1056 J -J
1st consul g 0s..................1034 A-O 120*8 ...
97 7g May' 11 . . . . 0 7 4 984
1284 I’ lieT l
Uegislerod........................1006 a -O
1204127
Geuerai
consol
1st
6
s
....
1937
0
1**
hi*,
‘2 OO** 0 2 4
Adjustment g 4 a ......./il0 9 6 Nov
M-N HO** 1114 1114 J ’n o l l
109*4 1114
Ol3* 02
Begistered.....................1937 M-N
02 J a n ’ ll
108*4 -'la, 11
B ogistorou................. A1096 Nov
10841084
Cine A in a C By 1st 6s. 1930 J-J 100»«
1094 May’ l l
01*, 83 0 0 4 02 4
atauniou...................... /ilOOo M-N ‘ 91*4 "91*4 0 1 4
1094 1104
Couv 4a isauo ol 1000...1065 J.L)
10S 1144 Chicago A Erie bee Erie
60 1054 1154 Olno Gt W estern 1st 4 s ... 1050 M-S
77 8 4 4 S 64
84 4 364
Couv g 4 . ..........................I960 J -1) 1184 Sam
8 54 Sale
127 1284
Gout is (issue ol lOlOJ.lOOU j-D 104 4 Sale 104 4 106 3801 102 4 106** Cine h u t nouiav rei 0 a ...lu 4 i J - j 127 4 128 128 May’ l l
Bel it li iLifig gold 5s.......... 1947 J .J 107 4 1104 111 A p i’ l l
111 111
10-yuar couv g 6 a ........ 1o 17 j . it 1134 114 113 4
1084 1104
ltelunding 4s S enes C ..1 9 t7 J-J
06 *s A pi ’ l l
04
05
064
Debeniurea 4s aenea J.1912 F A
no LilaV A A A Ch 1st ha. 19l 1 F-A
IO04 May’ 1J
10041004
.... -0 9 4 004
Boriea K .........................1913 F-A
02
934
. . . 0 04 0 7 4 Cine JLnd A Sou 50-yr 4 a ..1060 J -J * 02 “ 9 2 4 02 J ’ue’ l l
East Uklu Div 1st g 4 s..1928 M-S
00 4 07 4
1024 J ’ne’ l l
1024 1024
037, 1 tl 02 4 04 4 Cine MU a SI P term g os 1914 J-J 102*8
BUorl Bine 1st 4s g ........ lUOe J - j
03 4 937t 03*4
General g 4s senes A ..el98U J-J
08
0 34
08 4
08
00*s
3 lhS q 1094
b Do Bros .is i ’li 1st g 6s. 1943 M-S 10S% 108 4
Begistered...................41989
08 4 Jan ’ 11
J
0 9 4 99 m
Atl Knox <& N bee B A N
Generalg 3 4s senes B.«19S9
J
874 374
15 03*4 90
86*4 83
Atluutio Coast 1st g 4s. h 1052 M- 8
8 64 88 4
0 64 054 0 5 4
25-yrdeuen
4s
................1034
02
4
02
4
02
034
J-J
___ 108 103
Ala Mid 1st gu gold 6s ..1028 M-N 1074 100
0 24
Cine A B s u Biv g 6s___1021 J .J 10,5*8 1074 100*8 May’ l l
..I 1004 107
Bruns & VV 1st gu g 4s .. 1038 J - J
.. .. 9 54 0 64
95 4 .......
ClUO A Mo BlV BlV 5 s ...1020 J .J 1004
108*« Ant ’ l l
.1 0 8 4 100
Charles <&
>8av 1st g 7 s..1030 j . j 1384 ......
CillO
A
P
V
V
1st
g
6s.......
1021
J-J 107 4 108 1074 1074
1 l o 0 4 1074
*74 02*4 0 0 4
L iS D coll g 4s..............ol962 M-N
94 Bali
Dak A Gt bo g 6s.............1010 J-J 103«» 104*8 1034 J’ue’ l 1
8av 1 A W 1st gold 0 a ..1034 A-O 128 128
1034 10S4
. . . . 124 4 120
Dubuque Div 1st s f 0s.192b J -J 111
114 4 May’ l l
114 114 4
1st gold 6 s .. . . . . . . . . . . . 1034 A-O 111
.... 1104 1 U 4
l<ui
A
ouu
assu
g
OS.......
1024
J-J 110*8
1174 J a u ’ l l
07-i
07 4
all bp UCU <fe>G gu g 4a -.1918 J-J
1174 1174
1 07 4 07 4
07 4 100
DaCroase A B 1st 6 a ....1019 J-J 1054
1054 B ee’ 10
Atlantic A> Banv bee South By
Wis A Minn B iv g 6a....1921 J-J lod*4
li)0*4 J’ ue’ 11
Austin Jb N VV £01 Sou i'uoiuc
1004 107 4
MU
A
No
iai
cona
0S....1013
J-B 103 4
103*4 F eh’ l l
A Ohio prior lg 3 4 a . 1926 J-J
1034 1034
30 92
02 4 Sale
03
BaitBegistered..............
Extended 4 4a.............. 1913 J-D IO04
h 1926 g-J
.. . . 0 1 4 0 1 4
0 1 4 ......
A A ortuw cona 7a....1916 <J-F 1011*4 1104 H o J’ ue’ l l
Gold 4 s ........................... /ll948 A-O
084
08 4 Sale
1094112
07 98
00 4 Cine
Extension
4s.........1880-1920
F-A
0a J
08
9 04
B eglsierotl................. /tlU43 y-J
0 7 4 98 4 0 94 A p r ’ l l ’
. . . . 97
98 4
Begistered.......... 1880-1920 F-A
99 May’ l l
07
084
Pitts J line 1st gold d a ... 1922 J
1124 . . . .
Geuerai
gold
3
4
s
............
1987
M-N
87
a7
|
87
bale
8 84 8 8 4
P J nil A At Biv 1st g 3 4ai926 M-N
84 .......
...
874 884
B egistered................. pl98 7 y-F
0 3 4 A p r’09!
91 4
P B E A VV Va ays ret 4al941 M-N
26 01
0 14 Sale
92 4
General 4 s ..................... 108 M-N
08*8
9841
907#
aoutliw b iv 1st g 3 4 a ... 1926 J-J
0 1 Sale
24 8 34 9 1 4
984
sinking lund 0 s...1879-1029 A-O 1114
112 Jan ’ 111.... 112 112
B egistered................. A1926 i^-J
8 8 4 02
B egistered..........1870-1929 A O 1104
1
111*4
Oeu on io B 1st cg 4 4 a -.1 9 3 0 M-S
08 ....... 103
Sinking lund 6 s .-.1870-1929 A-O 107*8 1084 1074 107*.
2 106 107<4
1 .
110
01 Bor A VV con 1st g 6s 1933 A-O
Begistered.......... 1879-1929 A-O 107 4
. 102 4 1024
107*4 May’ l l .... 1074 1074
Motion Biv 1st gu g 6 s ..1910 F-A 1024 105
Debenture 6s................... 1021 A-O
100 F e o ' t l __ 100 1U0
Ohio Biver BB 1st g 6s. 1030 J-B 109*4 1104
. . . 109 4 100 4
Begistered.....................1921 A-O
1004 F eb’ 10 ___
Geuerai gold 6a............1937 A-O 108 108
lo7 109 4
Sinking tuud ueb 6a....... 1933 M-N 1084
100 4 j ’ne’ l l ___ 1084 100 4
Pitts C10V db'loi la lg da 1922 A-O 113 4 ........
118 4 1134
Begistered.....................1933 M-N 10 4
107*4 A p r’ l 1 ___ 1074 *084
Pitts A West 1st g 4 a ...19X7 J-J
07»g 07*8
07*8........
Mil B b A West 1st g 0a 1021 M-S 115
1154 J ’ue 11 . . . . 115 1154
Stal Isl By 1st g u g 4 4a 1943 J-B
80 ........ 100
E xt A Imp s tuud g 6s 1029 F-A l l u 4
-May’ l 1 . . . . 1004 111
Ill
Beech Creoli bee N Y c A U
Ashland Div 1st g da..1926 M-S 117 4
142 4 F eb’02!___
Boilev A Car bee UlluoiaCeul
Mich Div 1st g da.........1924 J-J U 7 7$
118 Jau ’ l l ___ 118 118
Bruna A VVoat bee A tl Coast B
Ohio Bock lal A Pac 0 s...1917 J .J 111)
110 1 i 109*8 110
110
Bunalo N i A Erie bee n-no
Begistered.....................1917 J-J 100 4
109 Aug’ 1 0 ___
Bullaio U A P geu g 6 a ...1937 11-8 1 1 3 4 ........
... 112 M 1 3
General gold 4a................1988 J-J
97*4 51 00
984
97 4
07 4 bale
Consol 4 4a ..................... 1967 M-N 1004 108*4
... 108*8 108*8
BegiBlered.....................1088 J-J
All & VVest i s l g 4a g u ..i0 9 8 A-O
97 4 5)8*4 F eb’ 1 0 ___
.. . . 07
97
97
98 4 100
Beluudiug g 4 a .............. 1934 A-O "80 4 Sale
80
80 4! 141 8 8 4 00
Cl A 61 aii i s l uu g 5a. ...1943 J -J lot) ........ 103
.. . .
Coll uusLberioa J 4 s ....1912 M-N
0 7 4 J ’ly Mol
Booh A Pitta 1st g Os...1921 F-A 114*4........ 1 14*4 114*
2 1144 114*4
904 " 3 *004 **974
M *s................................1016 M-N *064 *07 4 90*4
Couaol 1st if, Oa............1922 J -O 1 1 0 4 ........
. . . . 1104 H 0 4
N 4a................................ 1010 M-N
PO
Bull A ausq 1st ret g 4a.al961 J -J
0 04 04 Dec '09
O 4a.................................1917 M-N
054
0 4 4 May'lOj
Bur C B A N bee C B 1 A P
P 4a................................ 1018 M-N
94 '1 J ’no’ l 1 ....li 0l*t 0 44
bo 1st ext d a .............1013 J-J 102 4 Hale 102 4
04 4
0 102 4 I0 :i4 !
Clan
Chic it 1 A Pao B ll 4a..2902 M-N
112 72*s 77
(2d 6 a ... . . . . . . . . . . . . . . . . . 1913 M-S 1004 Halo
764
754
1 1004 1014
Begistered............. ....2 0 0 2 M N
74 F eb ’ l l . . J 7 44 7 4 4
B eg istered ..... . . . . . . . . 1013 M-S
LI.... 100*4 109*4
04 r u e ’ i i . . . . ' 034 04
B 1 A ik A Bouis lat 4 4s 1934 M-S
Card A Himwu bee i 11 Cent
02 4
bur C B a N — 1st g 6 s .1934 A - U 111 .
Carolina Cent He*Heal) A ir B
1114 J ne’ 11 ....1:1114 1124
Hegis ter ed................. 1934 A-O 1 !0 4 .
1204 ,Mai ’03
Ced B la D A N bee BC it A N
OB IF A N VV lstgu 6 s.l'J2 1 A-O 105 .
1064 1084
100 4 F e b ’ l l
Con Braucti By bee 61o Pao
M A bt B 1st gu g 7 s..1927 J-B
1124 1144
Cent ol Ga B B 1st g b s..p l0 4 5 F-A 1124
Choc Ok A G geu g 6s .oiOiO J -J 102 4 103 0 2 4 May’ l l . . . . 1 02 4 1 02 4
Consol gold 6a................. 1045 M-N
Consul gold 6s.............. 1952 M-N 107 108
...........
109 4 109 4
Begistered.....................1046 M-H 105 s 103 113 Apr *00 ...J l „
Kook A Bes A11st 6 s....1923 A-O 1U1 1021 1 ; 100 103
1st pret income g 6 s ....p l9 4 6 Uct
99 101 101 (’lie 11 . . . . ICO
line bt n A N o bee ill Cent
Stamped ........................................
09 101 loO 4 May’ l l . . . . 1U0
00
90
6 96 1004 line bt B A Pitts bee Penn Co
90 bale
2u plot income g 6 s....p l0 4 6 Oot
124 1254
lino bt P At a o cun 0 s ...1930 J-D 1 2 4 4 1 2 6 4 1244 1244
97 100 100 May’ 11 . . . . 100 100
2d pi ot income v 6s stumped ....
Cona 0s reduced to 3 4 s. 1030 J-D
88 4 ........ ‘ 03 D co’03
08 100 J ’no' 11 ....II 83 102
00
3d pret income g 6 a ....p l9 4 6 Oct
O.
..uivrmuwiiL
U b 2s consol registered.(<1930
U 3 2a consol oenpou....ttl»SO
U 3 3s rorristured . . . . . . . . /clWlS
U B 3s cou pon .. . . . . . . . . -.P1918
U 3 3s cou small bonds..*1018
0 a 4s registered................1926
U a 4s cou p on .....................i»26
TTs i».» i ’ -n id Mo rr ‘-:«.fcl 9*«S
U S Pan Caiial 3s (whan l$s)..

n

J

....

...

.....

! 1

lU lbCEEBAM EO IJb I I O M ) '—Continued 011 N ext P a g e .
S truct ltnlUvay
brooklyu Bap '14 g us....... 1946 A-C
1st rotund conv g 4a___2002 J-J
BkCity lstco n 6a.1010.1941 J.J
Bk o C o d i a cun gu k 6s. 1041 BN
lik Q CO & S 1st 6 s .......IU41 J -J
Bklyu Uu K1 lat g 4-6a.l06u f -A
btainpud guar 4-5S....1950 F-A
Kings Co El 1st g 4 s ....1041 F-A
beam pod guar 4 » ......... 1049 F-A
Naaeau Eleo gu g 4s ....1951 J J
Conn By «fe L 1 s t * ref g 4 4 » ’Jl J-J
btAiuped guar 4 4 s ........ 1051 J-J
Dot United 1st coil g 4 4**1932 J-J
Havana Eleo consol g 6s. 1062 F A
Inter-Met coll 4 4 s ............19**6 A- <)
Inter Bap T 6s Ser A ... . 1062 .VMM
Internal Trao coll tr 4a..1049 J - J
Manila Elec 1st 26 coll 6a. 1053 M-S
" *N o price Friday 1 latest Oris week.




1034 104
80*i Hals
........ 102

101*8 102
102 Muy 11
b4 4 D eo’ It
86
86
80 4
80 4
101*4 A p r’ l 1
102 J’ uo’ l 1
82 4 J ’ nc’ 11
97 Mar’ 1 1
7 84 bale
78
7»4
104 tiale |i»3*4 104
........ 80
07 4 Mar’ 10
00 ......... 03 May’uii
102 bale
101-4 102
84 4 86 4
86
86*4
80 4 Sale
lo i* , 1024
101*4........
........ 8 24

If.
i
V,
....
120
49

S treet R a ilw a y
Met St By gen col tr g 6s. 1907
lief g 4s.............................2002
B w ay<fc7U iA vlstO g6ai043
Col A 91U AV la t gu g 6a. 1993
Bex AV & P F lat g u g 6a 1993
Third A ve BB cou gu 4s 2000
C ent'i’r Co certfa atm pd...
Third A ve By 1st g 6 s..1037
N Orl By & Bt gen 4 4a ..1935
St Jos lty Bt II & P 1st g 6a ’ 3',
^t Paul City Cab cou g 6s. 1037
Tri-City By Jfc Bt 1st s f 6s.l0 23
u uilerground at lam 6 s...i9 2 i

F-A * 7 7 4 ........ 79 J ’ ne’ l l
A-U
43 4 ........ 48 May’ ll
J -D 101 102 4 10 2 4 J 'lie 'll
il-B
0 3 4 ....... 109 J a n ’ l l
U-8 100 101 LUO J ’ lie’ 1 1
0 9 4 J ’ue’ l l
J-J
100 4 102 4
0 i4
07*4
100*4 102
..............
J-J 109*4 110 109*4 111)
85 May’ l l
J-J
84
87
82 4 86
M-H
78
81
0 8 4 ........ 98 N'ov’08
J-.J 1064 ........ 1004 Apr 11
,01*4 101*4
98 4
A-O
lo l 102
0 3 4 984 98 4
98 A p r'09
M-N
80 4 82*4
44s........-...............193. J-J 0 6 4 07 9 5 4 964
94 4 97 H
05
05
Income 0s....................... .1948
04
07
7 7 ’, 80
84 Oct '08
1034 1044 Union El (Cluo) 1st g 6 s ..194. A-O
80 A.ug’ 10
United Bys bt L 1st g 48.1934 J - J
United B B s ban F r s f 4s. 1027 A-O
0 04
0b4 00 4 0 0 4
i/Due.J’na A D a e a 'ly kDue Aug oDae Oct v Duo Xov

7 102 104
103*4 104
80 4
8 0 '­ 306 8 2 4 804
1014 103
1014 J’ uo’ l 1
98 D ec’ 10

_
132
6
....
2
10
1

734 7»
45 4 48
l o l 4 102*4
100 191
9 9 4 100
9
704
58*4 70*4
loO 111
84
854
........ . . . . . .
106 1064
97*4 09
.. . . . . . .
90 4 06 4
3 84 6 5 4

72 4
0 09
sO p tio n S a lo

New York Bond Record— Continued— Page 2

38 k
BON DS

S. Y. STOCK E X C H A N G E
W eek

e .vdino

-«
<S-S

J onh 80

1
JPrioe
Friday
June SO

WteHJs
Range or
Last bale

Rang*
Since
January 1

filrt
High
High
Askt IjO\k
Ohio St Jfc* M db O -(C o n )
124% May’ l l .
Ch St P db Mmn 1st g 6s 1918 M-N 123%
124 125*8
1 N or W isconsin 1st 0a...1930 J.J 123s, 120 120*8 May’OO ,
i n 78 m %
St P & S City 1st fi 6 s ...1010 A-0 112‘s 112% 112*4 J ’ ue’ l 1
109 100*9
ClucJb W est lnd gen g 68 01932 Q-M 100 ........ 109 4 J ’no 11
Consol 50-year 4s............1052 J . J
92*8 93*9
1)2% Sale
92%
92%
Clue db VV M id i bee Peru Marq
Choc O db Gulf bee O K 1 & P I
101 101*4
Oln H db D 2d gold 4>93...19371 J .J 101*4 101*9 101 >4 May’ l l
102*4 104s4
Cin D <fe 1 1st «u g 5 s ...1941 M-N 103*sl05 10334 J’ ne’ l l
88 Mar’ l l
88
88
; C Find db Ft W 1s ig n 4sg .’ 23 M-N
8?*a 90
83
88
Cin 1 & VV 1st uu u 4 s .1053 J-J
83*9........ 88 May 11
103 105
ln d Dec db VV 1st g 5 s ...1935 J-J i0 5 . . . . . . 105 M a y 'll
107 *9 D eo’02
la tg u a rgolil 5s............1935 J-J
0 I St B <£> C bee O U C db St B
Oin S db U bee C C C St B
Clearfield db Mali bee 11 It db P
93*9 95
94
03
94L 94
OlevCinCdb s*tB geu g4sl9'J3 J-r)
92 F eb’ 11
92
92
921,
Cairo l)lr 1st gold 4s___1030 J.J
93*8 DeoTO
91
Clu W db M Div 1st g 43.1001 J - J
92*4 A p r’ l l
92*4 94
9 I 34
St B Dlv 1st cot tr g 4 s.. 1000 M-N
91 Oct ’<>7
00
Registered.....................1000 M-N
96 D ec’09
8pr db Col D ir 1st g 4 s ..1040 M-S
........ 91 *9 Doc ’ 10
VV VV Val Dlv l a t g 4 s . . . 1940 J .J
1 0 «34 100%
0 l St B db C consol Os..1020 M-N 100 ........ 106% J ’ne’ l 1
9d |
96 97
....... 90
1st gold 4s................... «1030 Q.p
94*9........ 90 Aug’ 10
R egistered.............. &193G Q-F
106 106%
Clu S db Cl con 1st g 5s.. 1928 J.J 1U7 ........ 10034 Jau ’ l l
107*8 1077e
........ 107 7a May’ ll*
0 0 C db 1 consol 7s.........1014 J-D
Consolsink tund7s___1014 J-D
125*4 F eb’ l l j
126*4 125*4
General consol gold Os. 1034 J.J 123
ltegistered................. 1034 J-J
94 J 'l y ’08
lnd 111* W lstp re t 4 s .1040 A-0
O lnd db W 1st pt 6 s ...01033 Q-J
91*9 92 *9 92*8 J’ne’ l l
03
Peo db Fast lot cou 4 s ...1040 A-0
47 J’ ne’ l l
47
50
61*9
lncon ie4 s...................... 1000 Apr
Cler db Marietta bee Penn lilti
Cler db Pitts bee Penn Co
64
62
G4% 64
62 69
Col Midland 1st g 4s.........1047'J . J
96*.
U47g 97%
95*9 90*4 96
Coloradjdfc Sou 1st g 4 s ...1920 F-A
98
98*4
98 *8 sal
1)7 s8 9h34
iteiuud db ext 4 % s .........1035 M-N
112*4113
Ft W da Den C 1st g Os..1921 J-D ........ 112*4 112% J’n e 'll
Oolurn db Greenr ■bee So Hy
Col da H ock Val bee H ook Val
Col db Tol bee Hock Val
Col Conn ifc Term bee N db W
Conn db Pas lu rs 1st g 4 s .1943 A-0
100 May’ 10
Cuba KH 1st 50-yr 5 g ....t 9 6 2 J .J
k & G t s o bee C M & St P|
D aalias
be Waco bee ,1111 da T
Del Lack db Westorn—
Marriedis Essex I s t 7 s . ..l 9 l 4 M-N 1077a 108*9 108 May’ l l
103 108*4
no*% i n 34
I
1 s t cousol guar 7s....... 1915 J-D n u s8 i i o 7g 110<%. I l 0 sa:
111**8 D eo’ 10
lleglsterod................. 1915 J-D
91 J a n ’ l l
oo . . . .
1st ror gu g 3*98.......... 2000 J - d
01
91
1
is
cj
J
‘ne’
11
N X Dack ds W 1st Os...1921 J.J 114*4 117
116*4116*4
107*9 107*-j
Construction 6s.......... 1923 F-A 107*8....... 107*9 O aj’ l l j
99 J ’ne’ l l
09 90*9
r
Term db improve 4 s ....1923 M-N
00 100
8 7 * ,....... 102 *8 Fob’03
Warren 1st ref g u g 3 *98.2000 F-A
Dol da Hud 1st Pa D ir 7 s .1917 M-S 116% ....... 115 % J’ne’ l l
116*% U 6
Aug Ui
ltegistered.................... 1017 M-S
09 b8
99%
98*8 100
99 % 10U
10-yrconv deb 4s.......... 1010 J-D
101 102
1st Uou equip g 4*93 ....1 0 2 2 J .J 10l% 101% 101 %J he’ l l
98
-1
Oir%
98*4 100%
98% Sale
' lst< & ret4 s......................1043 M-N
91
J
’ne
11
93*4 94*4
93
94
Alb ds b u scon v 3*98........1040 A-O
I233i 124*9
Rensdb Saratoga 1st 7s. 1021 M-N 122 ........ X24 M a y 'll
Del Itlv lilt Bridge bee Pa HHj
93
J’ne’
l
l
02
94
Denv db It Gr 1st con g 4 s .1030 J-J ........ 93
Consol gold 4*98..".......... 1030 J-J 1 0 0 % ........ 101 % D ec’ 10
100% 101
97% I0i)*-i lOu3, May’ 11
Im prorem ent gold 6 s ...1023 J-D
90%
91 *a i 90
93%
91 Sale
1st & relunding 5s........ 1055 F-A
104% Mar’ l l
104% 104%
: Klo Gr Juno 1st gu g 58.1030 J
61% 01%
Itio Gr So 1st gold 4a. ..10 4 0 J - J ........ 72% GXCj A u r’ l l
35
Mar’U
.3
Guaranteed................... 1040 J-J ......... 83
90% J ’no 11 .... 90
92%
■ R io Gr W est 1st g 4s___ 1030 J .J
83% 90
83% 85%
M geundcol trust 4SA.1040 A-O ........ 84% 84% J’no 11
97 J a n ’u2
Utah Cent ls t g u g 48 al017 A -0
D e s M o id b F tD bee M db St B
Des Mol Un Ry 1st g 5 s ..1017 M-N 100 ......... 1X0 S e p ’04
94 Sep T o
Dot db Mack 1st lien g 4 s .1005 J -D ........ 98
11 83% 95
9a
Gold 4 s . . . . . . . . . . . . . . . . . . . 1005 J -11 95 ........ 95
74 O c t ’ U)
Det So—O S D ir 1st g 4s. 1041 M-S
Dai db Iron Itango Is t 5 s ..l0 3 7 A-O 107% "(08% X09% J’n e 'il
107% 109%
R egistered....................... 1037 A-O ........ 108% 106 % Mai'uo
104 F eb ’ l l
2d Oa..................................1010 J-J
104 104
Dul Short Buie beo Nor Pao
Dul So Shore db A tl g 6 s..1037 J-J 100%109 103 J a n ’ l l .... 108 108
l/a a t o t Minn A'eeStP M db M
I'ja st Ten Va db Ga bee s o Hy
Elgin Jol db East 1st g 5 s.1041 M-N 112 ........ 1 08 % ^ n »’ l0
Elm Oort db N o bee Lehdb N X
118% 120%
Erie 1st consol gold 7 s ....1 02 0 M-S 119*4 11934 119*4 j ’n o'll
____
, “ ‘ ‘“ " 4 100% 101%
N Y & Erie 1st ext g 4s 1047 M-N
.... 104% 108
........
v
2d ext gold 6s................1010, M-S
101% 104
3d oxt gold 4 *98............ 1023 M- S 104 104*8 104
1 105 100%
4tit ext gold 5s.............. 1020 A-O 106% 1O7%|1U0% T, , , ,
90*a
-.1 99*9 J no 11 .... 99% 99%
5th ext gold 4s.............. 1028 J-D
N Y B E d b W i s t g fd 78.1020 M-S
U 8V118
18 84% 89%
88*9
Erie 1st con g 4s prior.. 1000 J-J
89 *9 Safe
36 J’ne’ l l
82% 86
ltegistered................. 1000 J-J
86
7 a3,
79*9 " go 73% 79%
1st oonsoi gen lien g4sl00t> J.J
79 % safe
8 5 * Feb’ 07
Registered................. 1000 J-J
8034
89%
i 80
90
Penn coll tr g 4s........ 1061 F-A
803* Sale
88*9
91 270 73
91
60-year conv 4 . A ___1053 A -o
91 Salb
79%
7734
7« Hi 627 69
do
Series B.1053 A-0
79*9 Sale
1 11 J ’ n e 'U
110% 111%
Bull N X & Erie 1st 7 s..1010 J-D lU'J7b i l l
U 2 " 3 111% 113
Chic <!b Erie 1st gold 5 s.. 1082 M-N 111 112 112
111 111%
Cler db Mahon Val g 6 s .l0 3 3 J-J HO7* ....... XU A p r’ l 1
Long Dock consol g Os..1035 A-O 124*9....... X2434 May’ l l .... 124% 126
Coal da Hit 1st cur gu Os.1022 M-N 104*,....... 111
Dock <fa Imp 1st cur Os..1013 J - J lOl *9....... 100% Jail ’ l l . . . . 10U°8 100°8
___ji........T_Tr, Tr
N X da Green t p g o s .1040 M-N 101 ....... 99*4
N X Sua db VV 1st ref oa.1037 J-J 103 104'a 104% J’ uo’ l l . . . . 101% 104%
80 ........ 100*4
2dgold4*9S................... 1037 F-A
80
81*, 87* Feb’ l J . . . . 85% 87%
Goneral gold 5a............ 1040 F-A
T erm inallstgotd 5 s...1043 M-N ll*9<>,m
1 10 May’ l l . . . . 110 n o
Mid of N J 1st ext 5s ..1040 A O 110 ........ 110* >*»> ’ 11 . . . . 110% 110%
WlLkdb Ea 1st gu g 6 s . ..10421 J-D
99*9 100*9 100 J’ne’ l l . . . . 90-- 101%
110 J ’ne’ l l . . . . 110 110%
Kvdb lu d 1st cou g u g 0 s..l0 2 0 * J *

90*8
05*9

10034

101*9
106*9

101*9
105

.....

iU ISC K B I jANEUU s*

(Ins and E leclrio Bight
Atlanta G B Co 1st g 5 s ...1947
Bkiyii U Gas 1st con g o s .1945
Bullalo Gas 1st g 5s...........1947
Columbus Gas 1st g 6 s ....1932
Detroit City u a s g o s ......... 1923
D et Gas Co con 1st g 6s...191b
Eq G B N X 1st con g 5 s ..1932
Gasdb E lec Berg Co c g 5 s .1949
Ur Rap G B Co 1st g 6 s ...1916
Hudson Co Gas 1st g u s..1949
Kau City (M o) Gas 1st g 5s 1922
Kings Co El B db P g 5 a ...1937
Porohaso money 6s......... t097
Ed El 11 Bkn 1st con g 4s 1939
Lac Gas B ol St B le tg 5 s .«1 9 1 b
lie ! and ext 1st g 5s........1934
Milwaukee Gas B 1st 4 s ..1927
Newark Con Gas g 6s........194b

J-D
M-N
A-O
J -J
J-J
F-A
M- 8
J-I)
F-A
M-N
A -0
A-O
A-O

103 ........
IU7 % Sale 107% 107%
60% 0l% 60% J’uo’ U

lb o ^ S a l*
10U1! ........
105 ........
101 ........
99 101
103% 104
97% 99%
105 ........
115% ........
J.J
89 ........
y-F 103%104
A-0 10l%.3uie
M-N
90% 90%
J-D 104 ........




a D ue Jan

» 0

Price
Friday
June SO

Range
bince
January 1

Week's
Range or
Last Sale

/<ow High,
High
Erie <& Pitts bee Penn Co
Bid
A sk Low
112% 113
1 12 % May’ l 1
E rans db T H 1st cons 6s. 1921 J -J 112
101 102
1st general gold 5a.........1942 A-O 102 102% 102 J’ ne’ l 1
114 A pr '05
Mt Vernon 1st gold Os..1923 A -0 107%
S oil Co Branch 1st g 5s. 1930 A -0
95 J ’ne’03
95
L’argo db So bee Ch M db St P
i lin t * PereM bee Pore Mar
Fla O <%Penln bee Rea Air Bine
98%
40 35
Florida E Coast 1st 4 *93..1959
*i
97*9 9734
90
Fori St U D Co 1st g 4*98.1041
Aug
65
83*% Sale
fit VV db Rio Gr 1st g 4 s ... 1928
82% "84%
*%
%
1 ' at Har db 8 A bee So Fac Co
' Yai h & H of 1882 1st 5s. 1913
97% 03%
88%100 07*9 J ’no’ l l
Georgia db Ala bee sea A Bine
Ua C a r * Nor bee sea A Bute
Georgia Pacific bee So Hy
Gila V Gdfe Nor See So Pao Co
Gouv «& Oswegat See N X Cent
Grand Hap <6 ln d bee Penn Klt
Gray’ s Pt Term bee St B S VV
Gt N or—C B d bQ coll tr4s 1921 J .J
07% Sale
97%
B734 217 95% 98
97% J ’ne’ l l ! . . . . 95% 98 %
ltegistered. h,................... 1921
98% 99*8
99*8 Mav’ l l
98
St Paul U db Man 4 s ....1933
125 127*4
lo t oouaol gold 6e.........1933 j - j 126% ........ 126 J ’n o l l
132 A p r’09
Registered..................1033 j - j
l b s " 106*4
Reduced to gold 4%s 1933 j - j 100 ........ 106*4 J’no’ 11
10834 J ’ne’ ot'
Registered.............. 1933 j - j
95*4 98 %
1)8*9
M oot ext 1st gold 4 s..1937 J-D
98% 93% 98
Registered............1937 J-D 98
98
98
W8 J ’ no 11
l);>34 Jan ’ l ■)
90% 100
E M in n N orD lvlstg 4 al9 4 8 A-0
116% 116%
115*9 A p r’ l l
Minn Union 1st g 6a..1922 J -J 114%
128*% J ’ne’ l 1
127 128%
128%
Mont C 1st gu g 6 s ....1937
ilay
-----"
red.
Registered..................1937
112% 112%
113*8 114 1 12*9 A pr’ l l
Is* guar gold 5s........ 1937
112% 112%
W i ll * 8 F 1st gold 6s 1938
1123« ....... 11234 Feb’ l l
Greenbrier Ry bee Ches db O
83% 91%
Gull A S I I s t r e t A t g 68 61952 J-J ......... 90*9 00 >9 May’ 11
bee N Y N U db 11
H oosatonlc
103
101% 103%
ock Val 1st oonsg4*93.1999
10234 103 103
Sep
Registered.......................1909 _ _
95
95 May’ l l
95
Col db H V 1st ext g 4 s ..1948^ A-O
90
96 F ob ’ l l
Col db Tof 1st ex 4 s .........1065 F A 95
Uoust K db W T ex bee So Paul
f f oust db Tex Cen bee So Pao Col
101 % 101 %
Hous Belt & Term 1st 5s. 1937'J -J 100 100*8 101*9 Fob’ l l
100% 103
I LUuois Central 1st g 4 s ..10611 j - j
100% 101*8
10l*a 101<% J’n o l l
100*9
I. Registered................... 1 9 5 i l j . j
100 ........ 107*% aw : ’07
90%
1st gold 3*98................... 10511 J .J
80*9........ 8 0 ’4 Mar’ l l
89
Registered................... 1961! J-J
89 ........ 89 A p r ’ l l
....... 93*9 May’ OO
Extended Istg3*a 3 ...... 1961 A -0
80 J ’l y ’OU
1st gold 3ssterlin g........1961 M-S
98*% J’n o 'll
98
93%
Coil Trust gold 4a..........1962 A-0
98% .
99 J’ue’ oO
Registered................... 1<J62 A-0
96 .
96% 98
905a
1st ref 4 s ........................ 1066 M-N
90% 00«% 9U*%
88
87
Purchased lines 3 * ss....l9 5 2 J .J
86 *g 86°s 87 F o b ’ l l
97% 98%
98*1
B N G da Tex gold 4s ...1 96 3 A1-N 98
98*9 08*9
94% Jan ’ l l
94% 94%
Registered................... 1953 M-N
96*4
97 % Feb ’ 11
90
97%
Cairo Bridge gold 4s__ 1960 J-D
97% 98
85% 86%
BouisvDirdhTermg3*98.1063 J .J
85
8 6 % 8G34 J’ne’ l l
123 May’ OO
Middle D ir reg 6s..........1921 F-A
101*4 .
76% J’ ne’ l l
75% 70%
Omaha Dlv 1st g 3s.......1961 F-A
70
75*9 Jan ’ l l
75% 75%
St Boms Divdbterm g 38.1061'J - J
76%
Registered................... 1961' J - J
80
87%
87 % May’ l l
Gold 3*98...................... 1951'J -J
85
87
101 % c o t ’99
Registered................ 1961' J - J
Spring Div 1st g 3*9S...1961 J-J < 87 ....... 100 N ov’OO
95% 90
96 J ’no’ U
Western Bines 1st g 4s.. 1961 F-A
96 .......
BeUey db Car 1st 6 ,...... 1023 J-D I l l
....... 117 *9 May’ 10
96*4 Oct ’ 10
05 .... 117
Carb db Shaw 1st g 48...1932 M-S
115 % 117
May 11
C hioSt B & N O g 6S...1951 J-D 116 117
113 110
le u ’ ll
Registered................... 1951 J-D
11'4 ..... 114
90 Oct ’09
Gold 3*93...................... 1051' J-D
86*4 87
97 ‘9 51ar’ 10
Mernph Dlv 1st g 4 s ...1951 J-D
93
97
98 J ’l y ’ 08
St B Sea 1st gu g 4s__ 1931 M-S
95 .......
lud Bide West AVaCCCdb St Bl
95
9G%
96% 90% 9 0% A p r’ l l
im l 111 db la 1st g 4 , ........1950 J -J
107% 109
lntdb Great Nor 1st g 6 s..1019 M-N 108% 108% 108% *0»*9
112 12l%
2d gold 5s......................... 1009 M-S, .......................121 M a y 'll
,,
106% 122%
Trust Co certfs..................... I ___ ! ....................[122*4 May 11
15
24
3d gold 4s......................... 1021 M-S ................... ! 2178 Mfty’ l l
101 103
Iowa C en tra list gold 5s—1U38 J-D 1 02 % ........ 11*2*4 l o
63
69
Gold 4s..............................1951 M-S! 0734 68 i 68*4
6'
94% 95%
James F & clear 1st 4 s ... 1959 J-D, ......... 94% 94% J’no’ l l
ai A da G it bee L b d t b l a
AVan db Mich bee Tol db G O
K 0 Ft 8 db M bee St B <£>3 F
K Cdb M Rdb B A esS tB d b S F
Kan C db Pacltio bee 51 K db T
73*4 74%
Kau City Sou 1st gold 3 s.. 1960 A -0
74*4
74*.
74*4 Sale
63 Oot ’ 00
Registered.................... .1950 A-0
100% 102
R ef db irnpt 5 s........ A pr 1950 A -o ' 100 % 101 100% 101
90% 99*4
Kansas City Torm l 1st 4s I960 J-J
98% 99*4 98 J ’ne’ l l
Kentucky Cent bee B db N
Keok db Des Mo bee C R ldbP
Knoxville db Ohio bee So Ry
108% 111%
109% 110 109% J’ ne’ l l
Erie db W 1st g 5a.. 1937
L ake
104% 104 *3
104 '3 105% 104 % J’ no’ l 1
2d gold 5s...................... 1941
103% 110%
North Ohio 1st g u g 5 s.. 1945 a -O ........ 103% 110% May 11
B Slio db Mloh S bee N Y Cent
100 1 1 105% 106%
Beh Val N X 1st g u g 4 %s. 1940 J-J 100 Sale 100
Registered........................1940 j . j 104*4.........104*4 Jan T i l . . . . 104% 104%
............ 06% May’ l l ' ___l| 96% 97%
iMlugh Val (Pa) cons g 4 s .2003 m -N
1113 114%
Ben V Ter Ry 1st gu g 58.1941 A-O 113% U3% 113% J’n e'U
H3
1 113 113
Registered........................ 1941 a -O 111% 113 113
Boh V Coal Co 1st gu g 6s. 1933 J - J 107% ........ 103 N ov’OO....1 .....................
9
4
%
........
|
03%M
ay’
U
;___
i
93% 93%
Beh db N X 1st guar g 4 s ..1945 M-S
Registered........................1945 M-6
Ri C db N 1st pf 6 a ....... 1914 A-O 102 ......... 101 % F e b ’ 10
Gold guar 6s..................1914 A -0 1 00 % ......... 101*4 Sep ’09
Beh db Hud R bee Cent of N J
Beh db WUkesb bee C ento! N J
Beroy db Cauoy Val bee Mo P
uoug Dock bee Erie
.. n o % i i 2 %
Bong Isl’d—1st COU g 5 s./tl‘J31 Q-J 110%111 110% J’ne’ l l
96 ........
31 O-J
1st consol gold 4s.........A1931
9 2 % ........ 92% J’ne’ l 1 . . . . 02% 90%
General gold 4s................1936
36' J-D
98% A p r’ l l .. .
97 100
93% 93%
Ferry gold 4 % s................1922 M-S
99*4 Oct ’00 . . . . . . . .
94
97
Gold 4s.............................. 1932 J -D
93 May’ l l * ... .'1 93
96%
Uallied gold 4 a ................1949 M-S ......... 96

97
02
83

0734
’10
83

136*4

’06

100*9

’08

88*9

UONU.-S—Continued oil N ext P a go .

(J a a and E le ctric Bight
N X G E B H d b P g 5 s ...1048
Purchase money g 4s. ..1949
Kd El 111 1st cons g 5 s ..1995
N Ydfcy El BdbP 1st con g 0sl93U
N Y db Rich Gas 1st g 6 s .1921
io o i o i
Pacific G db Eleo Co Cal G db E
Corp unifying & ref 3s 1J37
105% it)6%
Peo Gas db U 1st con g 68.1943
Refunding gold 6s.......... 1947
ioo ib<%
C h G -B d b C k e lstg a g5 s 1937
97% 99%
Con G C oef Ch 1st gu g S s .’30
(01% 100
ln d Nat Gas db OR 30-yr 5s ’30
113% 110%
Mu Fuel Gas 1st gu g 68.1047
87% 90
Philadelphia Co conv 5s ..1919
102 103% Syracuse Bightlug 1st g 6 s.’61
100 101% Union Eloo Ldfe P l s t g 68.1032
90
91
Ref db ext 6 s.....................1933
IU0% 104
Westchester Light’ g g 6s-195u

11 105% i03%
59% 02%

100% 100%
6
96% Sep '08
IU6‘« May’ l l .. ..
61 % Got ’01
100 Oct ’09
103% A p r ’ l l
977a J’no’ l 1
100 May’ l l
110% J’ ne’ ll
89 May’ l l
103% 103% *2
101% 101%
1
90
90
1
104
104
1

« N o p r i c e F r id a y ) l a t e s t b id a n d a s k e d t h i a w s e k .

BONDS
N. Y. STOCK E XC H AN G E
W iser E ndinu J dne 30

[V O L . L X X X X 1 I

b D ue Feb

dD ue Apr

oD ueM ny

J-D
F-A
J-J
F-A
M-N
M-N
A-0
M-S
J-J
J -0
M-N

104% Sale
89 Sale
111%
101%

96%
116%
102
103
101%
M-N 100%
F-A 111
J-1) 1U0
M-8 100
90
>l-N
J-D 105%

A D u e J ’ly

___

104*8 104% 70 102
88 %
89
9 37
111
112% J ’ ne’ l 1
100
101 % M a y'll
07% J’l y ’09

96%
98% 70
Sale
119% 119 % May’ 11
102% fT it’ l l
ii<»% 103 % J’ no’ l 1
102 101 % J ’no’ 11
90 Mar 1 1
90
100% A p r’ l l ....
111% 110 J ’ueT l
93 Aug’ 10
90 J a n ’08
97% 93 A p r 'l l
108 106% J’iie’ l l . . . .

A: D u e A n g

_
_

qD ueD eo

104%
69 %
112%
101%

91% 06%
116% 119%
101% 102%
102% 10d%
101 101%
90
91%
100% 100%
104 110
93
194

90%
105%

t O p t io n 3*1*

July 1 1911.]

New York Bond Record— Continued— Page 3

IIO N U S

P r ic e
F r id a y
June 30

W

eek

e n d in g

J

une

30

L o n g I s la n d — { C o n )
D e b e n t u r e g o ld 6 s .............1 9 3 4 J -D
G u a r r e t g o ld 4 s .................194 9 M -S
N O & M l l l a t c o n g 6 s 193!) A-O
N Y & B B 1 s t g 6 s .........19 2 7 M -S
N o r SU B 1 s t c o n g g u 5 s o l 9 3 2 Q -J
. L o u is ia n a 63 A r k 1 s t g 5 s . 1 92 7 M -S
L o u ia v 63 N a s li v g e n g O s.1 9 3 0 J -D
G o ld 6 s .................................... 1 9 3 7 M-N
U n iile d g o ld 4 s .................. 1 9 4 0 J - J
R e g i s t e r e d ........................ 1 9 4 0 J . J
C o ll t r u s t g o ld 6 8 ............... 1 93 1 M-N
E H & N a s h 1 s t g O s .. . . 1 9 1 9 J -D
L C ln & L e x g o ld 4 % s. ..1 9 3 1 M-N
N O A M 1 s t g o ld O s . . . .1 9 3 0 J . J
N O A M 2 d g o ld Os.........1 9 3 0 J - J
P a d u c a h & M e m d i v 4 s.. 19 4 0 F-A
P e n s a c o l a D iv g o ld O s .. .1 9 2 0 M -S
S t L D i v 1 s t g o ld O s.........1 92 1 M- 8
2 d g o ld 3 s ........................... 1 9 8 0 M -S
A t l K n o x & C ln d iv 4 s . . 1 96 5 M-N
A t l K n o x & N o r 1 s t g 6 s l 9 4 0 J-D
H e a d e r 1 5 d g o l s t s l g 0 s . l 9 3 1 M -S
K e n t u c k y C e n t g o l d 4 s . .1 9 8 7 J - J
L A N & M & M 1 s t g 4 *-jS 1 9 4 5 M -S
L & N -B o u t li M ) o l n t 4 s . l 9 6 2 J - J
N F l a & S 1 s t g u g O s . . . 193 7 F -A
N & O E d g e g e n g u g 4 *2S 1 9 4 5 J - J
P e n s 63 A t l 1 s t g u g O s . . 1 92 1 F -A
S A N A l a c o n g u g 6 s . . 1 9 3 0 F -A
L & J e l ! E d g e C o g u g 4 s . . 1 9 4 5 M -S
L N A A C l i S eeV L & L
\/| a h o n C o a l Hee L 8 & M S
lu L a n h a t t a n H y c o n s o l 4 s . 1 9 9 0 A -0
K e g is t e r e d ..................... 1 9 9 0 A - 0
S t in p d t a x e x e m p t . .1 9 9 0 A - 0
M a n i la l t l t — S o u lin e s 4 s . 1 93 0 M-N
M o K ’ p t A E V Hee N 1 C e n t
M o x C e n t c o n s g 4 s .............1911
1 s t e o n s i n o g 3 s .......... <rl939 J ’ ly
2 d e o n s in o g 3 s t r u s t r e c t s . .
M e x In t e r m it 1st c o n g 4 s .1977 ll-S
S t a m p e d g u a r a n t e e d ___ 1 9 7 7 M -S
M ic h C e n t Hee N V C e n t
M id o t N J tiee E r ie
M il L S A W S e e C h lo A N W
MU A N o rth H u Ch M A S t P
M in n A S t L 1 s t g o l d 7 s . .1 9 2 7 J-D
P a c i l io E x 1 s t g o ld O s.. .1 9 2 1 A - 0
1 s t c o n s o l g o ld 5 s ............... 1 9 3 4 M-N
1 s t a n d r o t u n d g o l d 4 s . .1 9 4 9 M -S
D e s M A F t D 1 s t g u 4 s . . . ’ 35 J - J
M in n A S t L g u Hee E C K A N
M S t P A S B M c o n g 4 iu t g u ’ 38 J - J
M 8 S M A A 1st g 4 m t g u 1920 J -J
M in n U n H u s t P M A M
M is s i s s ip p i C e n t 1 s t 6 s . . . 1919 J - J
M o K a n dB T o x 1 s t g 4 S ...1 9 U 0 J -D
2 d g o ld 4 s ............................. 0 1 0 9 0 F - A
1 s t e x t g o l d 6 s ..................... 1 9 4 4 M-N
1 s t A r e fu n d 4 s ................... 2 0 0 4 M -S
G e n s I 4*28....................... 1 9 3 0
S t L D i v 1 s t r e f g 4 s . . ..2 0 0 1 A - 0
D a l A W a 1 s t g u g 5 s . . .1 9 4 0 M-N
K a n C A P a o 1 s t g 4 a . .. l 0 U 0 F -A
M o K A E 1 s t g u g 5 s . ..1 9 4 2 A - 0
M K A O k 1 s t g u 5 s .........1 9 4 2 M -N
M K A T o t T 1s t g u g 6 s . 19 4 2 M -S
S lie r S h A b o 1 s t g u g 5 s . 1 9 4 3 J - D
T e x A O k la 1 s t g u g o s . . . 1 0 4 3 M -S
M o P a c ilio 1 s t c o n g Oa . . . 1 9 2 0 M-N
T r u s t g o l d 5 s s t a m p e d .« 1 9 1 7 M-S
K e g i s t e r e d ..................... a l 9 1 7 M-S
1 s t ooU g o ld 6 s ..................... 1 9 2 0 F - A
4 0 -y e a r g o ld lo a n 4 s .........1 9 4 5 M-S
3 d 7 s e x t d a t 4 % ................. 1 9 3 8 M-N
1 s t A r e t c o n v o s .............. 1969 M S
C e n t E r K y 1 s t g u g 4 8 .1 9 1 9 I* -A
C en B r a n c h U P 1 s t g 4 s . 1 94 8 J-D
L e ro y A O V A L l s t g o s 1920 J -J
P a c K o f M o 1 s t e x g 4 8 .1 9 3 8 F -A
2 d e x t e n d e d g o l d 6 s . ..1 9 3 8 J - J
St L £r M A S g e n c o n g 5 s l9 3 1 A -0
G e n c o n s t a m p g t d g o s 1 93 1 A - 0
U n llle d A r e t g o l d 4 s . .1 0 2 9 J - J
R iV A U D i v 1 s t g 4 S ..1 0 3 3 M-N
V e r d i V 1 A W 1 s t g 5 8 .1 9 2 0 M -S
M o b A O h io n e w g o ld O s.. 192 7 J -D
1 s t e x t e n s i o n g o ld 0 s . . / t l 9 2 7
G e n e r a l g o ld 4 s ..................1 9 3 »
M o n t g o m D iv 1 s t g 5 s . .1 9 4 7 F -A
S t L A C a ir o coU g 4 a . .e l 9 3 u
G u a r a n t e e d g 4 s ............1931
M A O coU 4 s Hee S o u th e r n
M o h a w k A A1 a l Hee N i C A 11
M o n o u g a h e la K lv Hee B A G
M o n t C e n t Hee S t P M A M
M o r g a n ’ s L a A T Hee S P C o
M o r ris A E s s o x Hee D e l L A V\
a sh C h a t A S t L 1 s t 7 s . 1 01 3 J - J
1 s t c o n s o l g o ld 5 8 ........... 1 9 2 8 A -O
J a s p e r B r a n c h 1 s t g O s..1 9 2 3 J - J
M C M M W A A l 1 s t O s . . 1917 J - J
T A P B r a n c h 1 s t Os___ 191 7 J - J
N a s h F l o r A S h o t Hee L A N
N a t R y s o f M e x p r 14 %s 1957 J - J
G u a r g e u 4 s .......................... 1 9 7 7 A -O
N a t o f M e x p r io r l ie n 4 % s. 1 9 2 0 J - J
1 s t c o n s o l 4 s ......................... 1 95 1 A -O
N ew H A D
Hee N V N 11 A 11
N J J u n o l i l t Hee N V C e n t
N V R k l n A A la n B c h Hee L 1
N V C e n t A H K lv g 3 >23.1997 J - J
K e g is t e r e d ......................... 190 7 J-J
D e b e n g 4 s ........................... 1 9 3 4 M-N
L a k o S h o r e e o l l g 3 % is ...l0 0 N F -A
K e g is t e r e d ..........................l p y g F -A
M ic h C e n t ooU g 3 >23____ 1 9 9 b F -A
R e g is t e r e d ......................... 1 0 9 s F -A

J .J

J.J

u

N

Bin

W eek ’ s
k a n g e or
L a s t H ale

as"
1 0 5 34
90 %

a2
So|

tow
Htg/1
104 >a Dec ’08
96L J ’ne’ l l
110*4 N ov’06

kange
S in c e
Jan uary

BONDS
1

N. Y. STOCK E X C H A N G E
W eek E nding J une 30

P r ic e
F r id a y
June 3 0

tS 2
~ V.
■51*.

1

W e e k 's
k a n g e or

I L a s t H ale

kange
S in c e
J an ua ry J

Bin
N Y Cent & H Li—(Con J
I
ASK Loir
High. M o L o w H i g h
Beech cre e k le t gu g 48.1930 J - J
99*4 .......I 98-\>Dec’ lO
Kegistered.................... 1930 J -J
....... 99 May’ l l
99
99
2d gu gold 5s............... 1936 J .J
H>7 >s.
. '
105 k l . .
10 5
A p r ’ 07
84*2 .
Beech Cr E xt 1st g 3 *23 61951 A -0
106 ..
106 May’ l l
' 103*2 1 0 0
C a r t* Ad 1st gu g 4 s— 1981 J - o
97 | 97*2 A p r’09
96
97% 97*2
97*2
9 91 % 97*2
Uouv A O s w e ls t g u g o s 1942'J-I)
1 1 3 Bg s a le 113»8 113*8
3 113% 116*2
Moh & Afal 1st gu g 4 s ..1991 M-S
98*4........ 1 91M* Arar’ l l
99
99%
112
112*2 112*2
3 112 *s 112 *2
N J Juno B gu 1st 4 s ...1930 F-X
95*4100 1105 <x.-r’02
99 Sale
98*4
99
7 2 I 0 8 *s 99
N V 63 Harlem g 3*28— 2000 M-N
90 .........| 90*8 F e b ’ l l
9*6% *90%
97*4 N ov’ 10
N X 6s North 1st g 5 s ...1927 A-O 108 .........'108 e c t ’Oil
109 . . . .
109®, F e b '11
im i" 109®,
N X « & P u ls tc o n g a g 4 s 1993 A-O
95*2 9 7 | 97*4 F e b ’ l l
07%
112% 113 111*2 Mar’ l l
illl 112
Nor & Alont 1st gu g 58.1910 A-O
105*2 . . . . 105*4 A la y ’ l l . . . I0 4 *s 1 95 *4
Blue Creek reg guar Os.1932 J-D ...................1131*2 Tan ’09
122
118®4 May’ l l
. . 118®4 118*4
K W <feO conlstext5s.A 1922 A -0 107*8 111*8 110 Alay’ l l
107*2 110
U S 's 1191, 1 1 8 « 8 F o b
Oswe & K 2d gu g 5s...«1915 F-A 100 105 |105 Jan ’U->
,118*8 118*8
........ 90L 95®4 J ’ u o ’ l l
I 95*4 90*4
K Wdfc O T K 1st gu g Os.1918 M-N 103*2........ 104 J'ue’ 10
100% 100
106®, M a r ’ 11
1 0 5 * 4 105*4
Rutland 1st con g 4*2S..1941 J - j
90*4 .........1102 *« F e b '10
........ 114\ 113 S e p ’ 10
Og&LChain 1st gu 4s gl948 J.J
89*4 90
89*4 J’ ue’ l l
85% 90%
68
7 3 % 71*2 F o b ’ l l
f 7i«J " 7 1*2
Knt-Canad ls t g u g 4 s .1949] J-J ................... 92 J ’ue’09
93
9 3 1, 93*2 J ’ n e ’ l l
! 92
93*4
St Law 63 A dir 1 stg 6s. 1996 J-J 108 110 115 J’ ne’09
112 115 112*4 AlayM 1
2d gold 6s......................1906 A-O 119*8.........'125 F e b ’08
ill2 * 4 112*4
1 05 % ___ 100 A y r ’ l l - . 1 0 0 10(5
Utica & B lk K tv g u g 4 s .l9 2 2 J .J
9978 ll'O ,100
100
99*4 100
91
94®, 943i J ’ n o ’ l l -..'I 94
98
LaKe Shore gold 3*28___ 1997 J-D
89
89*4 88*4
89*4
8 8 % 90
1 03 % ........ 1 0 3 D e c ’ l o
Registered................. 1997 J-D
89
' 8>®4 J ’ n e ’ l l
88
8 8*4
89U 90
89
M ay’ l l
88
91
Debenture g 4s.............1928 M-S
94®f.
94
94*« «a)o
93
95
199 ___ 108*4 A lay 11
108*4 112*8
25-year g 4 s ..................1931 M-N
93
*
2
Bale
93*%
93*4
9
2
%
94*4
1 0 0 * 4 ____
Ka A63 G K ls t g u 0 6s. 1938 J -J 110*2.......
110% .....
10 Jan '1
110
110
Mahon C’i RR 1st 5 s ..1934 j . j 112
1
1
1
*2
M ar’ l l
110% 111*2
111*2 ..... 111*2 J ’ne’ l 1
111*2112*8
Pitts <fc L Erie 2d g 6s.«19 2 8 A-O 107*«....... l o o D e c ’ u 9
91*4 92®, 92®4 May’ l l
92
94
Pitte AIcK & V ls t g u 63.1932 J -J 123*4......... 130*2 J a n ’ 0 9
2d guards...................... 1934 j - j 122 . . . .
McKeesdS B V Is tg O s 1918 j . j 108*4 . . . .
97*2
97
97 *-. 97
Mich Cent 6s.....................1931 M- s 110 115 111 A p r ’ l l
96
9 8 ®e
111
1 11
104 Apr *05
Kegistered................. 1931 q -m 1 0 9 * 8 .... 1 1 9 J ’ u e ’ UO
9 7*,
973s 977g 97*4
4s..................................... 1940 J .J , 98 . . . .
96*2 98*2
J ’n e ’ l ]
99
99
99
Kegistered................. 1940 J-J
90 .......
D e c ’09
98
J L 63 8 1st g 3*28........1951 M-S
8 0 's 8 8 * 4 9 0
J’ ue 08
100
Alay’
l
l
100
100%
1st g 3 >28...................... 1062 M-N
99*6 1 0 0
8 0 * a ........
88 May’l l
87
317g May’ lit
20-year deb 4s.............. 1929 A -0
92 '4 Sale
92*8
92*4
91*2
25*2 A p r ’09
Bat C «teS tu rlstg u g 3 s.l9 8 9 J-D
77 Alar’ 10
N V ChiOdS SC L 1st g 4s 1937 A-O
99*4 99*41 99%
99*2
9 9 % 100%
79 N ov’ 10
Registered.....................1937 A-O * ........ 99*2 100 D eo’O
Debentures 4s.............. 1931 M-N
91
91% J ’n e’ l l
90% 92%
W est Shore 1st 4s gu ...2 3 6 L J-J 101 *2 Sale 101*2 101*2
1 0 0 % 101 %
Registered.....................2361 J.J ......... 98*4 93*2
98*2
98% 100*2
N V 6s Groenw Lake Hu Erie
129 ....... 130 J a n ’ l l
N X & Har Hu N V C 63 Hud
130 130
110
......... 118 J a n ’ 07
N X Lack <S> W Hee D L & \V
104*2 109 106*4 J ’ne’ l 1
N X L E 63 VV See Erie
105*4 109
7o
70
60
70
N X & Loug Br Hu Cent of N J
65
74
80 A p r ’ l l
80
81*4 N X N H 63 H—N on con 4 s.’56 M-N .......... 94*4 93*2 M a y ’ l l
9 3 % 94%
Conv deben 3*28.............1966 j j
91
99
94*2
95*4
94% 100%
97
97*4 97 May’ l l
Conv debcn Os................ 1948 J . J 1 3 2 % S a le 132
95*4 98
132%
132
134*4
USHj J u ii’ lo
ilousatom o R con g 5 s ..1937 M-N 1 1 3 's ....... 1 1 3 % J ’ u e 11
113% 113%
N H 63 Derby con cy O s.loin m - n 1 0 2 * 2 ....... 107 A u g M 9
95
93% M ai’ l l
Prov iden ce seo deb 4 s .. 1957 M-N
03*2 03*2
87
M ay’ l l
S5
87
8 4 % 87
97% Sale
97%
97
N X 6i N orm Hu N X C 6s 11 1
90*2 98
84
84®.»
81*4 »ale
N X U 6S W rel 1st g 4s..0l9U 2 M-S
83*4 86
96
90*..
96
S a le
95
97
100% LU3 102% It. 2%
R egis $5,000 only.........U1992.M-S
101*4 103*2
94*2 F o b ’ l l
94% 94%
81
81
80*4 83
N X ,6 Put Hee N X C * 1 1
78*4 83
87
87%
87% 87*4
N X * K B Hee Long island
85*4 88
78 Mur 11
70*4
N X S * W Hee Erie
78
78
105
105 J ’ ne’ 10
N X T ex * Al Hee So Pac Co
89*2 Ou *2 Nor * South 1st g 5 s .........1 94 1 ____ 1 0 3 % ............ 103*2
’ll
. Jan
________
103% 103%
109 >4 110
,— '109 110 >2 N orl * West geu g Os....... 1931 M-N 1 2 4 % ...........'124*4 124*4
1 2 4 % 124*4
........ 100*2
4 .100*4 108
Im provem ’t * ext g Os.. 1934 F-A 127
127 " J ’n e 'l l
120
127
104*4 1 0 0 “,
New R iver le t g Os....... 1932 A -0 124% .......... 1 2 4 %
2 102*4 104*4
*24%
3 1 2 4 % 125
104 .......
— 103*2 105*4
N 63 W R y 1st con g 4 s .1990 A-O
97
9 7 % 97 *«
98
6 97*4 9 9 %
1 0 4 * 2 105*4
Registered.....................1990
A-O
...'1 0 3 106*8
9 3 »4 ! 9 8
Jan’ll
98
98
1 0 8 7g 1 09
—-| 109 111
D iv’l 1st 1 * g e u g 4 s... 1944 J-J " 9 3 " 9 3 % 9 2 %
93*4 16 9 2
94
10u®4 sate
10-26 year conv 4s___1932 J-D 109 S a le 1 0 8 % 1 0 9 7i 197; 1 0 0 % 1 0 9 %
8 100*4 102*4
P o C iih C * U Joint 4 s ..1941 J-D
90
90% 90%
9U% 3 8 8 % 0 0 %
io‘6% Sait."
12 i b 'u *4 i.0 2 "
C 0 63 T 1st g u g 6s.........1922 J .J
105
N o v ’ lu
105%
77-4 78
SOlO V 63 N K 1st gu g 4s 1989 M-N
97 % Bale
07%
97%
18: 9 6 % * 9 7 %
........ 97
North Illinois Hee C h i * N W|
93*2Salb
N orm Ohio Hee L Erie * w
92
94
N or Pac—Prior lien g 4 s ..1997! q j
9
9
%
9
9
%
9 9 % S a le
123 99% 100*4
86*2 80
Registered.....................1997 y - J .......... 9 8 % 98*4 P u t ’ l l
98% 99%
........... 1 0 2
General Ren gold 3s___a2047 y .F
71
71%
7 1 % S a le
70% 71%
OO1, 97
0
9
%
M
a
i
’
l
l
R egistered ................. a2047 y -F
70 .......
09 % 69 %
103®, 109*4
St Paul-Dul D iv g 4s___1990 J-D
97
98
96
90*4
90*4 M a x 11
107*2 10V®4
Dul short L ls t g u 5 s ..1910 M-S
99
F o O ’ lO
9 9 % ........
C B * y c o U t r 4 s H u G tN or
85
8 5 *,
St P & N P gen g Os___1923 F-A 110*4 117*4 116*2 J’ ne’ l l
116% 116»i
86
85*8
Registered certiflc’s ..l9 2 3 Q-F 115% .........11/ F e b ’ 10
St Paul & Dul 1st 5s___1931 F-A 1 07 % .........110 J ’ne’ lo
1 2 o 7g b a le
i h lo s ...............................1917 a -O 102*2 ........... 102*4 102*4
2 1 2 0 122
5 102*4 19‘J%
115
110*4
1st consol gold 4s.........1908 J -D
4,115*4 119*4
90% A p r’ lo
80
87*8
Wash Cent 1st g 4 s .........1948 y-M
.J| 80*2 87
90
.........
91% A p r’ l l
91% 91%
109*4 110*2
. . . 110 110*4 Nor Pao 'Per Co 1st g O s..1933 J-J I l l ....... 111% Jan ’ l l
111% 111*
........... 85
N or R y Cal Hee So Pao
' 81
81
~! 93*2 94*2 Nor Wis Nee O St P Al * O
N or * Mont Hee N X Cent
1 \ lu d * W Nee C O C * St L
\ J hio ltiv R R Nee Balt * O
Ore * c a l Jiee So Pao Co
Ore Short Line Hee Un Pao
Oswego & Rome see N X C
105*8 106*2 Ija o Coast Co 1st g 5 s ....1940 J-D 105% 107*2 106% 105*2
105*2 108 1 0 5 % J ’ n e ' l l
5 1105. 108
110-,s J ’ue’ l l ...'109*8 111
ill* * ....
- ac of Alissoun Hu AIo Pao
1 1 6 7b N o v ’ 10
110
....
Penn R R 1st real est g 4s. 1923 M-N 101
101
J’ne’ l l ____n o i
1 0 6 % .......... 108*2 D e o ’ 10
Consol gold 5s................. 1919;m -8 108
110 108
108
1 108
108
113
j ’ l y ’ 04
100% ...
Consol gold 48................. 1943 M-N ..................... 103% J’ue’ l l . . .. 103% 103%
Convertible g 3*23.......... 1912 M-N
99% 99%' 99%
99%; 171 98*4 991^
92*2
92*4 25 91% 96*8
02 *2 S a le
Convertible g 3 *28.......... 1915 J -D
Uu% Sale I 00%
5)7 ‘122 90% 97%
3*1*8 37 % 86*4 J’ne’ l l — ll 86
Consol gold 4 s ............... 1948 M N 103 103% 103
89*4
103%
1 103 101%
100*4 Feb’ l l . . . 100*4 100*4
99*4 101
09% 100% 99% A p r ’1 ll.
il 99% 100%.
m1.1, £ Yw * ? u
K 4 s ... 1942 M-S
31 J ’lie’ l l . . . 78*4 93*8
80
81
D R R R * B g e ls t g u 4 s g .’30 F-A 100 ....... ......................
!...................
PllllaBal & W 1st g 4s..l943<M.N 0102 ......... 102% May’ l l ■’
102 102%
Sod Bay * So 1st g 6S...19241j - j ........ 102% 102 J a n ’03.
...................
U N J R R * Can geu 4 3 .1 9 4 4 ^ -8 100%102% 103% Alay’ l 0 ,.... ’...................
87*% Sale
8 7 *i
87 V
Penn Co—Guar ls tg 4 * 2 S .1 9 2 l| j-j 104 .......... 104
87*2 00
104%
8
103 % 101 %
87
384, 8 8 J ’ n e ' l l '
Registered.....................1921' j . j .....................102% A la r'U 1. . . . 102% 102%
80*4 89 *4
93*8
93®4|
93*4 Sale
Guai 3*28 coll trust rog.1937 M-S
02*4 94*2
87 % ........ I 90 A u g ’ 1 0 ............................
79 *»
7U%'
79*8 Sale
Guar 3*28 0011 tr ser B ...19 4 1 f . a
79
80 78
8 8 % 1 88%
o9 1
4 88
89
77*2
........ 78*. 77*2
T r Co oertU’a gu g 3*23.1910 M-N
77*2 79*2
97% 07% 97% J’ne’l l
: 97
97*4
7U
79
79': 7 9
78
79*8
G u 3 * 2 S t r c t f a C .................. 1 9 4 2 J - D
87% 90 | 87 A u g ’ 10 . . . . ' ...................
78
A p r’li'
70
78
77*2 78
Gu 3 *28 tr etts D .............. 1944 J-D
88
b9%’ 91 D eo’09 . . . . '...................
10 4
00

104

..

Mo

-

Low

H ig h ,

j‘ 0o'®4 "9*f"

*,....
__

....

..... .....

.

N. Y . STOCK E X C H A N G E

29

illl b l li l M . 4NKOUS RON DS—Continued on Next P a g o
C oal and Iron
B u lt i& S u s q I r o n S 1 5 s . . . . 1 9 3 2 J-D
D e b e n t u r e 5 s ..................a 1920 i l - S
C o l F 63 1 C o g u n s 1 g 6 s . . 1943 F-A
C o n v e r t i b l e d o b g C s___ 1911 F A
C ol I n d u l s t & c o l l o s g u . ,1 9 3 4 F-A
C o n t in ’ t a l C l s t s t g u 5 s g . l 9 5 i F-A
G r R l v C o a l 63 C I s t g O s . . 191 9 A -0
J e ll & C le u r C 63 1 1 s t g 6 8 .1 9 2 " J-D
K a il 63 H O 63 C 1 s t s f g 5S.1901 J-J
P o c a li C o n C o llie r l s t s f 5 s .’ 57 J-J
S t L R o c k M t 63 P 1 st Os. 195.’ J-J
S u n d a y C’r e o k C o g 6 s ___ 1 94 4 J J
T e n n C o a l g o n 6 s ............. 1 9 6 )
J .J
l ’o n u D i v 1 s t g o s ........ a l 9 1 7 A-0
B ir in D i v l s t c o n s o l O s..1 9 1 7 J-J
C a ll O Al C o 1 s t g u g Os. 1 9 2 2 J-D
V i c t o r F u e l 1 s t a t 5 s .......... 1 95 3 J-J
V alron Coal63Colst g 08.1949 M -S
;

97*2.......
■....... 90

97
F ob ’l l
90 J ’ uo’ l l
10 0 J ’ n e ’ l l
100% Salt, 100*4 100*4
Vo
70
75%
75%
9 0 % ........ 107*8 D e c ’ Ul
90 ....... 1 0 2 % A p r '0 0
107
A U y ’ 97
9.1 101», 105 % D tC '0 6
83% 85 % S5 A p r ’ l l
82
83% 8 4 % J ’ n e ’ l )
......
78
F e b ’ 07
i03% 103*4 1 0 3 7,
105" 105% 1 0 5 % M a y ’ l l
105 100% 105
1 03
100

.........

no
88
" o r 07
107

110

* N o p r l o e F r id a y ; la t e s t b id a n d a s k o d . a D n e J a n




J a n ’09

b7% A U v’ U
95%
96
b D u s Feb

90%
89
97%
91*4
73%

97
J -J
90
Am A g Uliem 1st c 5s........ 192b A-O
Ain Cot OU ext 4*28........... 1916
100
100%
Deben 6 s ..........................1931 M N
79% Am Hide 03 L 1st s f g Os..1919 .VJ-S
Amer Ice Secur deb g Os..1926 A-0
Am Smelt Securities s f Os.1921 F-A
Am Spirits Alfg 1st g 0 s ..l9 1 e M-S
A m 'thread 1st col tr 4 s. .1919 J-J
Am Tobacco 40-yr g Os___1944 A-O
85
4s....................................... 195 i F A
80
Am W ritgP aper I s t s f 6 s .l9 l ; *- J
103% 104*q Baldw Loco W orks 1st 5a. 194 M-N
105 105% 3etb Steoi 1st ext a l 6 s ..l9 2 o . -J
lent Leather 20-year g 6s. 1925 1-0
104% 106
Cons'll Tobacco g 4a.......... 1951 F-A
87
88% Corn Prod R ef a f g 5a___193; *-N
91% 97
la t 25 - y e a r s l 6 s . . . . .....1 9 3 4 M-N
a D u o M a y p D u e J ’ n o A D u e J ’ l y fcD a a A n *

77% 3ale
101*4 101%
07% 97%
......... 96%
99
99%
........ 76®,
103% Balt
.........102
9 3 % ........
103% sale
87% Salt
9 0 % ........
102 % ........
96 Bale
99% oale
........ 89
96% 07
06
90%

0 D a e O ct

77*2
77*4 27
101*4 101% 111
98
98
0
00%
00%
2
99%
90*4 18
70 J’ne’ l 1
103% 103% '7 8
101 J’ne’ l l
93% May’ 11
103% 104% 176
89% 601
80%
90 %
91
13
102% May’ l l
96%
96% '6 6
99
99% 65
87
83% 22
97 J’ ne’ l l
90% " 6
96%

»D a*N oV

76
101%
97%
93*4
90%
05
100**
100
92%
103%
79%
89%

79
102%
98*4
97%
100
78
104
101
93%
110%
93%
91

102% 102%

80%
98%
81%
90
96%

a D a o D o T 'J Y l i t .

98%
100
90
97
97

102

30

New York Bond Record—Concluded— Page 4

liO M M
N. Y. STOCK ftXCH A NOE
W kkk Knows J u x K 30

ZYtc«
Friday
June 30

Week's
il 5
Range or \§ ?
Last bale 03

Range
Since

1 1

BONUS
N. Y. STOCK E X C H A N G E
W m k E nding ju n k 80

•s><0

[V O L . L X X X X I l I .

Rrtce
Friday
June 30

11‘uem’s
Rang* 01
La'll 'ft'

*5

Range
Since
Ja/nuarv 1

/dOu UlOti
Hum A o i*/* Hum
A S H Low
Pennsylvania Co—( Lon)
10e;18 IOUHj
1■13 %
98*4 J’ ne’ l l ___ 971, V83, Southern—1st con g 5s. ...1994 J .J 10 * % bile H
Guar 16-26 year g 4 s___ 1931 A O; 973s 99
u Aiur'O 1
Boaiateren...................... 1994 J .J
110 JH11 ’06 .. . .
Cl A Alar let gu g 4 ‘as.. 1935 M-N 102
.147 76
So%
7a% alt
Develop At geu 4s Ser A . 1954 A-O
h o p , j a u ’ do ....
C IA P gen gu g4% sser A .'42 J-J| 100's
1 86
88
8K% 88 %|
h< % sale
Mob At Ohio ooll tr g 4 s .,193b W-b
io«% J’ i y ’ 09......
S enes B......................... 1042 A-O 10* 's
2 108% 199%
1" 1
Mem Uiv let g 4 % -6 s...1998 J-J 108- s ........ 109
uo Aug'UV___
VO
Series C 3%s................. 194.3 M-N
1 86% 89
89
8't »-ai»
1964
J
J
St
PiOUis
div
le
t
g
4s____
90
May'OS___
90
Series 1) 3 %s..................1950 F -A
Ain Con B le t g os.......... 1918 J . J ll>7% 1 111-, HI7% N m> '
90 Hi A y r ’ l l ___ 90 ij 91
90
Erie A Pitts gu « 3 %« B. twin J j
90% '20%
89%
... VO 1 May 11
AU At Dnuv le t g 4s.........1948 J - J
981') Aid ’04 .. ..
00
Series U.........................1940 J-J
S2% 82% 8 2% o n ’ 10
2d 4 s .............................. 194b
104*4
Mar’
l
l
....
104
'4
I'M
S
Gr llifc 1 ox 1st gu u 4%s 1941! J.,I l e i 's
.
.
A
ll
At
fa
d
le
t
g
guar
4
s
.1949
u
103
10* | 1 103 .04
Pitts Ft W A U 1st 7s. ..1912 .1 - J 10$
106% 107
107 Apr •1
Coi At Greenv is t 6a........1016 J-J 106
10.5r» F eb ’ l 1 ___ 103 H; 108*8
2(17s................................1912 J -J
1Of % ) 08%
I iihh J lie’ l l
fc. P Va At Ga Div g 6»..1930 J -J 10< %
107 Got ’0 8 ,....
3(1 7s.............................M 912 A-O
109% 111%
III
111
111
Con
1st
cold
5s............
i960
M-N
109 May* 1 0 ....
Pitts YA Ash 1st cou 5s. IU27| li-N i s l ’ *
lo-i I
106 190
106
106
Is
Ten
rear
lieu
g
6s.......1»S«
M-8
100
J’
ne’
l
l
107
>
s
10(5
107s,
1
0
8
PUO A St LgU4%* A ... 1940 A-O
C6
... .
72
Ga Midland le t 3e..........1946
100 108 104 j ’n » n :::;>iM5 io ? ^
Series B guar........................ 1942A-O
i i s ” 1Y4"
l S V J 'n e’ l
G» ra o By le t g 6e.........1922 5.Y 113*.
lo o
too I H io o io s
100
Senes C guar........................ 1942M-N
116% n o
116- ALay 1
Knox Ab UUio 1st g 6 s ... 1925 j . j
DUB, 11» « ’ i O ___
97 %
Series D 4 s*u ar........... 1946 M-N
M o o * Sir pnornou g 6a 1948 j - j 106 % ____ 106% N ov’ ! ....
91 A, A p r’ t 1
9i34 »4
93
S e c i e s tt 3%> e v a r t ____ 1 9 4 9 F A
82 N ov’(t8i ....
73
.. . .
Morvgjme gold 4a........ 1946 j - j
9 8 Hi M«y’ 11 .... p gi, y y t
97%
Series G 4s gu ar......... 1967 M-N
113 F o b ’ l l . . . .
ns
Blob & Dan cou g (5s___ 1016 j - j 10i% 106 1U6 J’ aP 111 ... 10a io e %
C h i i . * P rat con g 5s. I932iA-O 113
101%106
Deb bsauuupod............1927 A-O 104*s....... 105 Mar 11
Pensacola 2b A ti he# E * Nash
71
71
7 1 M ai’ l l
7 1 ' , .......
Bicn * Muck le t g 4 « ... 1948 M-N
Pee A East bee CUUite St B
103% 104%
ln 4 % J ’no 1
104
105
M-N
109
May’
l
l
,
So
Uar
A
c
Ga
le
t
(j
6
s
....
1919
103
100
109
Peo •*> Pck Uu 1st * 6s---- 1921
112
(»«;t’o
s
...........................
ln
0
%
.......
Virginia
Mid
ser
C
(is...l91t»
M-S
O S S Jan’ U ,
........ W
2u coin 4 „ .....................o l9 ‘l l
93S 93 S
bonee D 4-^s............... 1021 M-5 1 06 % ....... 1U4 % 3’ no 11 . . . . !10t% 104%
73Hi
1.
6(5
7ria4
Pere Marquette— Bat 4 s.. (955 J-J ......... 72
|10G 100
Series K 6«.....................1926 M-S 1 0 4 % ....... 106 Mar’ l l
7<*i Apr 11 .
........ 7J
Itotuniling guar 4 s ........ 1955 J . J
94 Hi 70%
Genanu
6s.....................1036 M-N 104 ....... 1(),% J ’us 11 .. J'107 107%
lOo'e 100%
Oli a a »i ........................1931 iJ-D 100 >4........ l o o s A p r’ l l .
106 % Nov 10 ..
Guar eteiUBed.......... 10110 A4-N
10914 110%
Flint A I’ M « 6s............. 1920;A-O 109 S H0»s IUJ84 .otaj
V * * fco’ w’ l 1st gu 6e.20O8 J-J 104 % ........ lub% J’no IP .. :: iiidi’ * iV o "
1st oeusui cold & S......1939M -N 1 0 0 ‘4 loss io s Mar’ l l .
100 1 0 i
94
08% 96% J’ ne 11'.. ,.|| 04% 97%
le t cons 50-year 6 s.. 1958 A-O
Pt Uurou Div 1st a os. 19S9 A-O 100 Hi 102 N, 102 May’ l l ; . . . . 101% 1(53*8
91 ........ 1 Vi Feb’ 11 ..
W o a: W Pst cy gu As..1924 F-A
Sag Pus A 11 1st * u * 4s. 1931 F-A ........ 00
104% 1 0 6 % l0 4 % J ’ue’ l l .. ; io i% i'oo
West
N
C
1st
con
g
6
s
..1914
J-J
PtUl tS As W see Pouu UK
|
I
11
b Ac N Ala bee p. Ac Pi
SO
87 a4 BOS J ’ne’ l l
Philippine By 1st 30-yr s 14s’37
80 Hi 88
Spokane Internet ls t g 6s 1966 J -J 103 106 1102% A p r’ l l . . . . ' 102 102%
Pitts Olu A St l* See Pouu Co
105%
109%
105%
106%
7
105%
er
A
o!
b
l
1*
Pst
g
4
%
a..l939
A-O
Pitts Clove A 'Pol /bed ii A O
I 1st COU gold 6s___1894-1944 F-A J 10% 113% 1 12% Alai' 11 ---- 105%
11J% 112%
Pitts Ft W A Oil bee Pouu Co
>7
98
95% 90% 071i A p r 'l 1
Gon refund s t g » s ........ 1963 J-J
Pitts M oK eesA V /See N V Cou
108% 108%
St P. Al ilgo Ter gu g 6s. 1930 A-O 1U7%........ 108% l o b ’ l l
112*8 May’ l l .
Pitts su a b e 1st n 6 s ...1940 A-O 112\
112 Hi 112*s Tex
I
I
At N o bee Bo Pao Co
93’ „ J’l y ’97
1st consol gold 5s.............1943 J-J
no
110%
5 1 1 0 111%
Pex A Pac 1st gold 5s.......2000 J-D 110 % .
Pitts & West bee 14 A O
70 Msu’ lU . . ..'! ...................
2d gold luc 6s................. 92000 Mar
46
07 »4 98
9734
U8l4! 97 9(1% 98 %
S » calling Co geu g 4s........1997 J-J
0 9 % A p r 'll ....|| 99% 99%
l*a DlV 15 P* Pet g 6s.......1931 J-J
102 .
97 (4 A p r’ l l .
EV Begistered.....................1997 J-J
98
97% 97%
106 % Nov o i .
W Min W A N W let gu 6s ’ 30 F-A
je rsey Cent coll a 4 s ...1951 A 0
U6
97%
9 0 s 9 8 'a 97 J’ne’ l l
108% 110%
109% J’lio'l 1
T o! A O C 1st g 68.............. 1936 J-J 109
Bensseiaer da Sar bee U A H
112 -sop OJ---Western Div le t g 6 s ...1935 A-O 107
Bioii A Dan bee South By
103% l'n e '1 1 ---- 101% 103%
103
General
gold
5s................1935
J-D
lllcli ifa Mock bee Soutliorn
91%
0 1 % M ay'l l j . . . . 1 90
Kau A M 1st gu g 4 s ....1 99 0 A-O
90% 93
Bio Gr VVeat bee Ueu A Bio Gr
'7 % 1 96% 08
98% 07 %
2d 20-yoar 5s . .............1027 J-J
98
Booh A Pitts bee B B A P
90
92%
02 % J ’ u e 1 1 ' . . . .
96
02
Tol
P
a W is t gold 4s. ...1917 J-J
Homo W a t * Og bee H V Cent
89%
hU j ’no’ 11 . . . . 89
80 .......
Pol St Pi A W prlien g 3 %s. 1926 J-J
Butlaml bee N Y Cent
73%
(4% 16 08
74%
74%
bulo
60-year
gold
4s................I960
A-O
Tua A H bee Pere Marq
81%
77 J ’ uo 11 ___ 77
75
77%
8 ag
CoU
tr
4s
g
Ser
A
..........1917
F-A
8 8 'j J’uo’ l l .
8(3% 88%
88*s 93
t Jo * Gr is! 1st g 4 s...1947
00
89 % J’ no’ l 1 . . . . 87
90% . . .
Tor Hum At Hurt l s t g 4a./tl940 J -D
8t i. A Cairo bee Mob A uluo
lo g J’ne 11 .... 105% 106
106%
.......
lster
A
Del
1st
con
g
6s
1028
J
-D
8t 1. Aj Iron Mount bee M P
U 1st rotund g 4s.......... 1062 A-O 85%.... 85% J ’uo l l __ 86% 85%
Bt E M Hr bee T BB A cl SI L
lb l% IU0 lbO 102%
Uu Pac BB A 1 gr g 4a ...1947 J - J 101 % Halo 101
St Louis At S U'— Jong Os.1931
l i a a4 110's 118 May’ l l . . . . 118 119
Begistered.....................1947 J-J lOUHi....... lO()%J’no’ l l . . . . 99% 100%
General gold os............... 1931
100:,4 106*8 107 S J 'n o 'l 1 ... 107 108
107% l0W<>8 1713 103% 109
108
%
bale
2
0
-y
ro
o
u
v
4
s
...................1927
J-J
91
9o% oo *41 2 90
St E A b F BB cons g 4 s.. ’90 J-J
90 s 02
07
97% 41 | 96% 0h%
97% bule
1st A ret 4s.................... i/2008 M-S
Geu 16-20 yr os ..........1927 M-N
B'.*0* Hale 89% 8»% (59 8(5% 90
26 96
97%
96
05
96%
Ore By A Nay cou g 48.1946 J -D
100% Mar 111___' 100% 101 %
Soutnvv Div 1st g 6 s ..1947 A-O
98 101
114% 14 L(4% 115%
114%
114%
114%
Ore
Short
PAno
l
s
t
g
6
s
..1922
F-A
81% bl% 93 80% 83
81*» Sale
Beiunding g 4s............ 1951 J-J
112
3 111% 113%
1st consol g 6s.............. 1046 J - J 112 112% 112
1K %
116 117%
K O Ft b A Al con g Os.. 1928 M-N 1 17 s balfc 117
94% 70
94 Sale I 94
Guar retund 4s............ 1929 J-D
80% «(5 77% 81
80
80% 80%
K C Ft s A M By ref g 4s 1930 A-O
Begistered................. 1929 J-D ................... 94 Jan '09
K C A i\i B A ti 1st gu 6s. 1920 A-O 100 % ........ 100% DeC'Oo
108 108
J l0 8 May’l l
Utan A Nor gold 6 s.. 1926 J •J 109
99 %
9 9 % ......... 09%
07% 99%
Oz’ rk A Cli C 1st au 5s g.1913 A-O
U111 N J B B A C Co bee Pa BB
Bt Louis bo bee Illinois Cent
02%
92%
89*a 92% UU1I1 Central bee Bio Gr Wes
bt Pi b VV 1st g 4s bd oils. 1089 M-N
91 Hi 92
Utali A N orUi bee Un Paolllo
82 %'
82 %
_ _ 78
83
82% 83
2d g 4s mo bond 0tIs...plU8U J-J
80
81% 212 76% 81% UUca A Ptlack it bee N V Cent
80 s bale
Consol gold 4s..................1932 J-D
98 N ov’08'
consol g 4s ....1 9 6 5 F-A
97
Gray’ s Pt Per 1st gu g 6s 1U47 J -D
9 7% ....... 101% Apr ’07
V audalla
06% 97%
Consol 4s Senes B ...19 5 7 M-N
96% 97' 96% Mai’ l l
bt Paul ito UUP bee Nor PacUic
UO
00
90 J ’uo’ l l
Vera
C
ruaA
P
ls
t
g
u
4
%s.
1934
J-J
91%
Bt P At inn A Alan bee Gt Nor
Vor Val lud A W bee Mo P
Bt P re Nor Pao bee Nor Pau
Virginia
Mid
bee
South
By
8 tP A S ’ xC ity s e e C s tP M a u
108%' 19 108 110
109 108
87%
87%
B A lit A Pass 1st gu g 4 s ... 1943
87% Sale
80% 83% W abash 1st gold 6s.......1939 M-N 108
3! 98% 101
99%
09
00 , bale
2d gold 6s.................1939 F-A
100 ....... 104 Oct ’09
8 H cb N P 1st sink t g 68.1919
98
08 Apr ’ 11 ...' 98
*86
Debenture
series
B
.......
1930
J
J
Bav F A West bee A ll Coast 1
ll)4 May’ l l .. . 109 104
100
1st
lieu
equip
e
fd
g
5
s
..1921
M-S
Boioto Vai As N is. bee Nor Ac W
83 D eo’ 10 . . . .
1st lieu 60 yr g term 4s. 1964 J - J ......... 85
87
87
88
Seaboard A L g 4s stamped ’ 60 A O
87
87 >•
68% o83 63% 71%
65 %
66% Sale
1st ret aud okt g 4s ....I 9 6 0 J -J
79%
80
79% 80
Adjustment 6 s .............. ol949 F-A
n h 80
10 (% 108%
Dot A Ch Ext 1st g 5 s..1911 J-J 107 ........ TU7% May’ l l
86%
85% 87
Ali-Birm 30-y rlsl g 4s.«iU33 M-S
86
86% 8 6 %
8 1 % ........ 81% M a y 'll
81
81%
Des Mom Div ls t g 4 s ..lU 3 9 J-J
___
91%
A
p
r’
l
l
911
Car Cent 1st con g 4 s ...1949 J-J
92% 98
01%
70% 76%
70% J’no’ l l
70
75
Urn
Div
1st
g
3%s..........
1941
A-O
103 May’l l ___ 102 103
Fla Cen Ac Pen l s t g 68.1018 J -J 10*. %
86
85
81% 83% 85 May 11
Tot A Ch Div 1st g 4S...1941 IVl-S
1st land gr ext g 6 s ...1930 J-J 103% ...................
41% 49%
48
4 8 , Sale
48%
Pitls Term 1st g 4s.lU64 J-D
Consol gold os.............. 1943 J-J l o 3 % ........ 105% A p r’ l l
. . . 105% 106% Wab
48 % sale
4b% 236 3t> % 50
Cent A o ld Col T r uo certts. .
48
Gu Ac Ala By 1st con 6s o 1946 J-J 105 % ........ 11>4 % Mar 11 ,...1 0 4 % 104%
60
48 % 6 l 40
48% bait
Co umbia Tr Co etts........... J.
48
101% May’ l l .... Iu4 105
Ga Cat At No ls t g u g 6s 1929 J-J 106
3%
3% 12
2u goiu 4 s.............................1 9 5 4 J-D
........
7 % 3%
Beab At Boa 1st os.......... 1920 J-J 105% 110 109 May’ l l .. .1 0 9 199
3%
3%
123
2*
Trust
Co
certls.....................
3
%
bale
3%
Blier blir At bo bee M K At X
Warren bee Dot Pao A West
Bil bp uca At g bee Ati Coast E
Wasn
Cent
bee
Nor
lJac
Southern Pacillo Co—
02% 92% 92%
82% 1 2 191% 93*. W u s h O A W bee Southern
Gold 4s ic e u l Pao oo11).k1949 J-D
WashTeruU l s t g u 5 % s..l945 F-A
87% 88% 8SPj Mar’ l l ___ 88% 90
90% bale
98% 100 1674 90% 100
20-year conv 4s............ </102U M-S
87% Sale" 87%
83 152 86
88%
96 Hi 06% 97
07% 10, 96
97% West Alary laud 1st g 4 s ... 1952 A-O
Cent Pac ist rol gu g 4s 1949 F-A
. . . . . 100% May’ 11 . . . . 100% 100%
W Va Cout A 1’ 1st g 6s 1911 J . j 100
Begisiereu.....................1949 F-A ........ 97 I 97 F ob’ lU . . . . ................
109% 100% 100% io9%
1 109% 110%
J-J
West
N
1
A
P
’
a
1st
g
Os..1937
M ori guar gold 3 %s..s.T929 J -1J 91
91% 91%
9l%; 2 01% 92
Ho % ....... 88% j ’no 1 1 ____ 88% 88%
Geu golu 4s...................... 1943 A-O
Through bt E 1st gu 4s ’64 A-O
90% 93 192
02% 3 92
93%
j OP F eb ’0 7 ..... ...................
incom e 6s...................... <11943 Nov
G H A o A i l AS) P 1st 6s.. 1931 M-N 106 108% 107 Apr 11'___106%10b%
W
est
N
o
Cur
bee
South
By
Gila V G At N 1st g u g 6s. 1924 M-N 103 ......... 103 Muy’ l l . . . . 103 li>3
........
104%
May’ l l ____103% 105
A-O
1
0
4
%
Wlieei’g
A
B
E
1st
g
6
s
...1926
Pious E At W T 1st g os.1933 M-N 104% ........ 106 J'no’ l i . . . . Pi5 1051
Wheel Div 1st gold 6 s..1928 J .J ........ 104% 104 May’ l l ____103 % 194%
1st guar 6s red.......... 1933 M-N 101% 106 105 Mar’ l l . . . . 106 106
102 J’ ne’ lb
........
KU
Exten
A
Imp
gold
6
s...1930
F-A
iu
a
%
.........110%
J’
ne’
l
l
109% 110%
H A PC l s t g 6s lilt gu.,1937 J-J
83 % 6 82
86
84%
85 % Salo
BB 1st consol 4s............. 1949 Jl-S
Consol g Os mt gu ar...1912 A-O (‘ 108%........ 109% Mar’ l l ____ 199% 109%
9 8 , Fell’ l l . . . . 98% 09%
20-year equip s f os ...1 92 2 J.J
93% 96%
Geu told 4s int gu ar..1921 A-O; 0 4 % ........ 94% J'no 11
|
Wilkes
a
East
bee
Erie
W aco At N W UiV 1st g Os '30 M-N j 116 ........ llw% M ai’ lo
Wii A Sioux F bee St P M A M
A At N W 1st gu g 6 s ....1941 J-J 104 % .......... 107 % Jan 09
03% 32 02% 03%
93% 03% 93%
116% 115% W is Cent oO-yr 1st geu 4s 1949 J-J
Morgan’s E» Ac T 1st 7 s .1913 A O 114 % ........ 116 % Mar’ 11
03
02%
1 02
92%
02% Salt
SupA D unlivA term l s t l s ’JU M-N
I l l M a r'll
111 111
1st gold Os.....................1920 J -J 111
i
N o or Cal guar g 6s.........1938 A-O .................... 112 Pou’o7
T uiugm pii am i T elep h on e
(pre At Cai 1st guar g 6 s.19271J -J 192 ........ 100 J’ n o'io
01 *6 Hale 91%
02 i 4(1 89% 92
101% 102% Am Pelep A 'Pol coll tr 4s 1929 J -J
So Pao oi Cai—Os 8..........1912 A-O l o l % ......... 101 % M a y'll
112 1170 103 113%
Couvorublo 4s.................1936 M- S 110% lale n o
1st gold 6s F................. 1912 A-O 101% ........... 114 % Oeo’04
100
100
6 98 100
99%
100H
M
ich
State
Telop
1st
5
s
..1924
F-A
1st cou guar g 5s...........1937.A1-N 103% ...........116 M*y’u7
100% 63 98% 1U0%
N Y T elop I s t A g o n s l 4 % s.’39 At-N 100% bale 100
So Pao coast 1st gu 4s g. 1937 J - J 88% 93
90 J ’l y ‘09
00%
99% 69 97
UJ% Halo 09%
03% Pac Tel A Tol 1st 6 s ........ 19.17 J -J
San Frau Perml 1st 4 s ..1969 A-O y2
92% 0 2% J ’ne’ l l ___ 92
99% 103%
H* ld J l 103 J'no’ l l
XoxAcN uoaOOivlstg08.19l2 M-S 10 L% 101% 101 % May’ 11 .. . . 101% 101% West Umou col tr our 6s. 1938 J-J 102
98%
96% 96% 96%
k1!) ‘a 5 96
FU anil real est g 4 % s...l9 5 0 M-N
Cou gold os..................1943 J -J 101 105 10l% Alay’ U ___ 10l% 103
194 % 104% 35 103 194%
Conv 4s, Series A ...... ..19 3 6 M-N
BO Pac B B 1st ret 4s........1966 J-J 94% bale
94%
06%210 94% V6
u lD s tU iM .A N E O llS * U O N ll.S—C o n c lu d e d .

.U uiuiU tctiiring ifc I n d u s tria l
EUnniilnctiil'ina ifc IndiiHtrln!
U s Bubber 10-yrcoll tr Os.’ 18
95
90% 98
90
2 05% 97
Oubau-Amor Sugar coll tr 6s ’ 18 A 0
(J S oteoi Corp— 1 00up .ulU03
78% 45 71>Si 80
76% Hale 77%
Distn eoijoroon v is t g 6 s .’2 < A 0
SI 10-60 yr os. ( reg ..u l0 6 3
85
80% lb 82% 86
He% bule
E 1 UuPout Powder 4 %s.. 1936 J D
/a-Car Chom is t 15-yr os 1923
82
82
tig
1 81
82
Gen aieotric ueu ^ 3 % »..i9 4 - ti' A
West Electric 1st us D oc 1922
161
164
lb 140 107
10-yrg dob 6 s . . . . ............1917 ■i D
•v osun.-nouse E A .d s 1 6s ’31
Int Paper Co 1st cou g Os. 191,- F A 192% 104% 102% 102% 12 101 104
tUiHCCiluueoiiM
86 J ’n o 'll
83% 87
Consol conv s 1 g 6s.......1935 1 J
85
Adams Ex coi tr g 4 s.. ,...1 9 4 8
94%
Int bt Pom p 1st s t 6 »___1929 M S
91% 96
98% 05
vrmour A Co 1st i eat est 4 %s’3u
l*ackaw .-steel ist g ;>s___1023 A O 98% 08% 98%
98%
UtPa 99
Lush Terminal 1st 4s.......195
N at Enam A 6tpg 1st 5 s.. Iva.i J 1)
.'4% U5
95% 95 May' 11
91
Consol 6 s..........................1055
N i A .r i.rase ist conv 6s ’ 2b VI N 104 1U4 % 103% •rue 11
102 106
Dot M A M Id gr incom es.. 1911
lly Steel bpgs Ist s t 6 s ... 192 I J j
97% 09
98% 99% 08 % J'no’ l l
Int Moreau Marina 4%s..lU22
BopuO l i a 1si A coltr 6s. 192 4 A 0 103 %
102% 103
103 % HI# *%
m t Navigation 1st 3 ( 6 s . 1921
90 , 95
Union liag A P 1st si os.,193b j j
iiO
95% 95 A p r 'l 1
96
92
M om s A Co 1st s t 4 %8.. 1939
i)7
Stamped
01%
N V Dock 60-yr 1st g 4 s ..1951
4 102 105
ll a i*»aUi Co s Ideb g 6 s .,1 9 l3 M N 102% 198 102
102%
91
Pub borv Corn N J gon 6s. 1959
91
m 89
91 Salo
90%
U S ueulty A 1 conv deb g 6 s ’24 j J
88
70
Wash Water P’ ow 1st os..L93U
U H Bed A Bet 1st s t g 68.1931 j J
........ 70 A pr ’ 11
»N o price Friday; latest bid and asked this week. 6 D110 i-eb d Duo A pr e Due May g Due .I’ne 7t Due J ’ly




_

J-D
11-N
M-N
J -D
J-J
J.J

101%
103%
106
100%
102
95

salb
bale
105“,
bain
oale
bale

M-B
J-D
A-O
J-J

87 % Sale
92% bale
02% 93
08% 08*

A -O
A -O

" 07% "b'li"

F-A
J
F-A
A -O

J-J

104%
105%
100%
tu2
95

30 103 105
105
106% Jit 103% 106%
3 103% m o%
106%
mu% 26 LOO 102%
102
lb 190% 102%
05% 40 01% 06%

87
8 86% 91
87%
92%
02%
02% 93%
93
3 90
03%
93
97 100%
97% J’ ne’ l l
35 Apr ’ 11
36
35
(17%
68
8. 64
68%
82%
82% 27 78
82%
91 J ’no' 11
ol
92
81 J’no’ l l
84
90
03%
94
O.i 03% 90%
1 0 2 ,1 0 2 %
102% Mar’ l l

/cDue Aug oDue DCt p D a o Nov sOntionSala

CHICAGO STOCK E X CH AN G E —Stock Record— Daily, Weekly and Yearly
STUCK 8— Id HE <7 AND LOWEST SALE TRICES
June 24
*185
*1
*3
*80
*20l2
*8t2
*5
*:m4
*16
*40
20Ij>
7312
28**
0812
775g
*812
*40

*185
*1
*3
*80
21
*812
*3
*J14
4
*16
19
*40
44
20*8 *26l2
74
73l2
28<2
2D
*68lz
09
78'* 78
*812
9
*40
45

190
3
6
85
21
0

11
8512

Tunday
June 27

, lo.uta'i
June 26

107«
86l2
*272
*127
*69
*110
149
*33

*10J4
*85
*272l2
*127
*88
*110
*149
*36

129
70
112
150
38

63
* ___
*1
*5
5H2
1241?
*163
129

63
*61
50 *
1*1 *1
5l2 *5
6U2 *511*
1241? I2|3g
169 *16J
12912 *129

190 *185
*1
3
*3
5
85
85
22
22
9
9
512 *5
4
3*4
*15
19
41
44
27
*2512
7J14 *73
281? 28
*as
6t
771*
71
*8»4
9
*40
46
107*
85l2

190 *185
*1
3
*3
5
85
85
23«.i *23
*9
9
*5
0
87*
3*4
*16
19
*10
41
2612 26's
74
*73
2814 *281?
89
68
78
79
9
8*4
45
*40

10*4
851*
*2/21?
*127
67
*10*
*1431*
38

10*4 107*
85ig 85
___ *27212
129 *127
67
66
111 *109
119
1483,1
35
36

6.1
63
60 ♦
1'4 *1
fl»r *5
5212 51
1241* *122
169 +103
1291e 1281*

621?
62
50 *
1'1 *1
fil9 *5
511? 50U
125 +121
169 *165
12834 1281*

12*
79
112
119
38

15

1614 I5I4
*101 102
10 Us 102
59
38
30l4 5034
0534 90I2
*135
*127

139
129

We nesdaj
June 28

103
10212 10212 1027,8 103
lOHe 10U2 10 U4 101l4 10H2
527S 58
DO
S31S 02
50l2 501? *50
501? *50
0012 97
9612 97
96
*136
*128

139
130

*138
*128

140
129

*138
*128

Thursday
June 29

Last
190
Last
3
5
Last
85
*85
24
+23
91? *9
0
*5
33*
19
IjisI
44
*40
261* 2612
75
7314
29
28%
681? *68
79
*79
*812
9
Last
45

Sales
Tricksy
June 30

Sale 190
Apr’ ll
Sale lt2 Juno’ ll
Sale 3
June’ 11
90
87
8712
24
2o5*
24
03*
91.
912
0
5
5
334 ___
Sale 17
May’ ll
44
*40
44
201? 27
27
731? 748* 741?
29
29l4 2912
00
*68
69
7912 79t4 80
9
*81?
9
Sale 42
June'll

Week
SIU.TCS

Railroads
Chicago City K y _____ 100
___ Chicago A Oak P ark. 100
_
Do pref....... ............ 100
177 Chic Iiy8 part ctf “ 1” ___
80 Chic Rys part ctf " 2 ” ___
05 Chic Hys part ctf ” 3” __
425 Chic Hys part ctf " 4 ” ___
270 Chicago Subway_____ 100
- - - - Kans City R y & L t ..l 0 0
Do pref___________ 100
10
758 Motropol \V S Kiev__ 100
Do pref___________ 100
786
1.032 Northwestern E lev___100
Do pref......... .......... 100
472
1,572 South Side E levated. 100
120 Streets W Stable C K.100
Do pref___________ 100
—

_

Miscellaneous
425 Amerloan Can_______ TOO
10l2 10l2 103* 103g
250
Do pref___________ 100
___
847* 847* ___
Last Sale 205 Feb'11 ___ American R adiator. 100
Do pref___________ 100
Im H Sale 129 Apr’ 11 ___
120
2*0 Atner Shipbuilding___100
64
04D
04
05
66
Do pref___________ 100
112
ImsI Sale 1121o May’ ll ____
75 Amer Telep A Teleg_____
149
1488j *148 149 *148
400 Booth Fisheries com ____
*35
37
*35
37
36
__
Voting trust c t f_______
51
Apr’ 11
Do pref______ ________
340
62
62
62
021? 62
Cal <Se Chic Canal & D.100
May’ l l
Last Sale 51
50
Chic Brew’g A Malt’g ____
Last Sale U4 June’ l l
H4
Do pref______________
----Ijist Sale 684 June’ l l
5ia
295 Chic Pneumatic T o o l. 100
---------61
51
51
Chicago Telephone___100
--------120I2 121
123
Clilc Title & T rust__ 100
Last Sale 168 June’ l l
170
542 Comm onw’ th-Edlson.100
12884 *1281o 12012 12912 130
I*eb 10
Last Sale 1%
1514
100 Corn Prod Ref Co com ___
*14l2 15U *141?
15
Do
do
pref___
Last Sale 78
Jan’ 11 ___
___
___
245 Diamond Match_____ 100
103 103
103
063 li.rt Stunner & Marx p f.
10214 10214
10112 10H2 102
5584 55
58l2 4,502 Illinois Brick................100
5612 56
Masonic T em ple------------Last Sale 50
May’ l l
180 McCrum-Howell C o .. 100
501? 50l2 50l2
Do pref______________
436
90
9534 953.1 96
96
107*
851*

140
130

20
Last Sale 136
Last Sale 128

Nov’09
May’ l l
June’ ll

National Biscuit_____ 100
Do pref___________ 100
National Carbon_____ 100
Do pref___________ 100
270 People's Gas LACoko.100

___

118 Juno’ ll
10812 106l4 1061* IO6I4 loot? 100U 1003* 10612 1065* 1063* 1063*
11-10 Mch'09
798
1417« 142
1411* 1421a 111*4 l i f t l4U8 14H4 14D* 1411.4 1413* 1413.,
326
120
120
*119 120 *119 120
120 120
120 120
120 120
1,157
1017* 102
1017* 102
1017* 102
1017« 102
1017« 102
102 102
4
F o b 'll
91
193 193
1921* 1921* +191 193 *191 193
191 191
160
*106 10612 108 1001* 1061* 1061s 1061? 1081* *10012 10712 10612 10012
i,il83
3
3
27*
3
*212
33«
2%
284
3
218 3I4
21?
7SI2 7812 783* 783* 1,575
7814 79ls 79l4 795s 791* 791? 781* 79
___
Last Sale 1912 May’ l l
*19
30
20
*19
20
*19
20
*19
orts transao tlons of less than 10 sliar 06.
0
longer
ren
Note.—Of flclal sheet n
*106

Inter­
est
Period

Price
Friday
June 30

Week's
Range or
Last Sale

Range for Year 1911

Lowest

Highest

185 Jan 11 190 Apr 28
li2 J ’ne 10
l i 2 J ’neie
6 Men 23
3 J'ne 6
80 Aor 29 93 Jan 21
2034 May 13 26>* J ’uo30
10 Jan 28
8 Mayl3
514 vtayl7
4’ - Mch 1
6 Mch 1
334 J ’n e 27
25 F’cb 23
17 May27
40 J ’ne 13 72'? Feb 25
l'Jl2 Feb 1 27 J ’ne 30
65 Feb 1 7412 J 'n e30
2012 Apr 27 291? J'ne30
69 J ’ne 24
60 Jan 11
68 Jan d 80 J ’ne30
8'a J ’ne 1 1314 Feb .3
40 J ne 1 50 Jan 9

ICO Oct
Ho J ’ly
4 J ’ly
60% bep
l l i 4 Sep
8 Mav
3 Mav
2*8 J nc
20 Auj:
69 Feb
10 Jan
51 Feb
15 Apr
63 May
*.514 J ly
7 J ’ly
40 J ’ly

135 Mch
3io Jan
71a Jan
100 Jan
30 Jan
18 Jan
91* Jan
014 Aug
39 Jan
7734 Mch
25 J ne
72 J’ns
23 J ne
66 J ne
72i2 J ne
64«s Jan
104 Jan

121j May 9
887* J ne 2
205 Jan 9
130 Jail 14
7 J Fob 6
113 May 18
152i4 J ’ne 12
5jl4 Mch 4
57-<4 Men 9
82 Mch 21
52 Feb 2
ll.i J no 7
534 J'ne 9
55 Fob 23
124l2 J’ i u 24
170 J ’ne 9
13jl4 Alehl5

6% J 'ne
G212 J ’lV
240 Apr
126 J ’ ly
72 Feb
107 Aug
13H4 J ’ ly
31 J ’ne
20 Aug
66 J ’ne
4o Dec
1 Feb
3 Sep
2510 J ’ly
no
*lav
142 All*
108l2 J ’ly

135* Jan
12 Jan
261 Dec
135 Apr
341* May
112 Jan
142t*Uch
43 Dec
41 Dec
74 Jan
15 Fob
1 Feb
3 Sep
47 Dec
137 Jan
103 Mch
HD? Jan

1334 Jan 11 153^ J ’ne 16
78 Jan 18 78 Jan 18
92i» Feb 10 103 J nc23
10U4 J ’n e 27
527* J ’n e27 70 Jan 20
47 Jan 18 50 May 19
45 Mch 3 67 Jan 3
92 Mch 3 98 Feb 2

13U J ’ly
79D Apr
82H Sep

223* Jan
82 Feb
12/ Jan

53 J ’ly
4312 Men
40 Alcb
93 J ’ne

91 Mch
40 Jan
67i2 Dec
10234 Apr

Aug
J ’ly
Feb
Feb
J'ly

119 Dec
125 Jan
145 Oct
123 N ov
11534 Jan

148 F’eb
UOlo Aua
100 Dec

18634 N ov
122 Mch
109»8 Jan

155 J ’ly
101 J'ly
5U Apr

186 Feb
106 Jan
153* Jan

J ’ne

263s Dec

Highest

Lowest

9 Jan 16
787* Jan 7
265 Jan 9
12«l2 Mch 9
64 J ’ne 29
110>4 Jan 6
1415* Jan 7
35 Apr 28
38 J ’ne 14
62 J'ne 20
4^12 Apr 24
li* Mch 29
SI? M ch27
41 .Ian 3
115 Jan 25
l51i2 Jan 0
113 Jan 19

II714 Jan
123 Jan
114 Apr
118 Jan
1031* Apr

17
3
27
18
S

140 Apr 7
130 Mch31
120 Mch 14
120 Mcb 23
1085* Jan 19

May 20 19234 Jan 31
119 Jan 11 122 Mch 11
1001* Mch 13 104 J nc 5
10 Jan 16
The Quaker Oats C o .. 100 165 Mch 7 193 J ’ne 29
Do pref___________ 100 102U Feb 1 lu6l2 May29
7 Jan 3
2->* J'ne26
Unit Bo.x Hd A P C o .100
817* F'cb 0
19D Apr 12 25 ’ Jan 27
Western Stone______ 100
Sears-Roebuck c o m ..100
Do pref___________100
Swift & C o___________100

Range for Previous Year
(1910)

c! 3612

101
118
104
112
103

15

Chicago Banks and Trust Companies

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCH AN G E
Week ending June 30

STOCKS
CHICAGO STOCK
E XC H AN G E

/Pels
Sold

Hll
Ask fjttv
High No.
IDO'’ Fan’ l l
Atner Strawb’d 1st Os. 1911 F - A
Armour & Co 4 14s___1939 .1 l)
03 May’ l l ___
100 Men’ ll ___
Booth Fish Co DebG 5s’ 17 ,1 - J
100
M ch ll
• Deb g 5s__________1924 J - .1
9812 Apr’ l l ___
Sink Fd Deb 6s tr r c c -- A - O
Cal «3c So Oil llv 1-st 5 s .’ 27 i« A
102 J’ne’09
Cass Av & F U (St L) 5s T 2 J - .1
lOlU Oct’OO
Chic Hoard of Trade 4sl927 J - D
100 Mav’07
ia
Chicago City Ry 5s___1927 F - A 1023* 1027* 10234
1027*
Chic ConsOi Hr & Mlt 0s___ .J - J
103
Apr’04 ___
Clilc Consul I’rac 4 y$s lu:tu J - 1)
50
Apr’09
Chic Auditorium Ist5sl92l) K - A
9634 Jan’06
Ohio Jo RR 1st M g 53.194 5 M - S
94i2 Dec’09
Chic No Shore Elec 6 s.191 \ - O
87
Fob’06
J
___
.
J
89 June’ 11
Clilc Pile Tool 1st 5s.al921
Ohio Ry os.................... 192 7 l; - A 997* dale
99'14
097* 79
9314 M ay'll
Ohio Hys 4-5s series “ A’ A - t) ___ ___
Chlo ttys 4-5* series "B J - l) t 8712 Sals
87
873* 22
90U Men’ ll!
Chic Rys 4-5s series “ O’ F - A __ _ ___
Clilc Rys coll 6s___1913 F - A 1100’> 8___ 10078 June’ l l ___
Jan'll ___
Chic ltys Fund 0 s ..1913 P “ A ___ ___ 100
99-3* May’ ll ___
Clilc ltys Tern Ctfs 1st 5s __ _ ___ ___
06>2 Aug'0.3 ___
Ohio It 1 A P Hit 4 s ..2002 M - IN ___ ___
6612 Julv’OS
Oollat trust g 5s— iota it - s ___ ___
10
1031*
Clilc Telephone 5s____ 1923 .1 - l; 11031* 1Oil’s 1031*
1023* 33
Common w- E l Ison 5s. 1943 d - h 11023* Saio 10214
Chic Edison deb 6s. 1913 J - J ___ ___ 1007* Nov’ 10
101)
Feb'11
1st g 5s____July 1926 A - O
Debenture 5 s ....1 0 2 0 il - S ___ ___ 101)3* Aug’09 ___
Commonw Elect 5*61943 il - M t lO O * ----- 11>1s4 June’ ll
X1071* Sale
1071*
107>*
0
Dla Match Coil db Os.. 1920
80
Dec’0,1 ___
Illinois Tunnel 5s____ lu38 .) - D __ _ ___
Kan City Ry A Light
9734 May’ l l
Co 5s ........................ 1913 d - N
___ lill)
May'll __ _
Knlok’ b'kcr Ice 1st 5s 192* A - O tio.i
___
82 June’ 11 __ _
Lake St El— 1st 5 s ...1 9 2 8 J - .1 82
16 May’05 ___
Income 5s_________192.) Feb
Metr VV Side El —
1st 4s_____ ________ 1 OSH F - A t 8514 8514 86I4 June’ ll
Extension g 4s____ 1938 ,1 - .1 t 82'* 823j
82 44 Jime’ l 1 ___
Mortis A Co. 4 H____ 1939 J - J 91)7* Sale
907*
907*
7
41
North West El 1st 4s. 1911 vl . J 1100 Sale
99 <4 100
No W G-L A Coke Co 5s 28 Q - M
99l2 M iy’ ll ___
Ogden Gas 5 s .______ 1943 d - iN t 92
0112 92 J’ n o'Il
Pearsons- Taft 5s-------- 1914 J - D 98 !2 ----- 10013 McU’09 ___
4 .4 0 s _____ ____________ 51 - S 95
___
061* Mch’ lC
4.00s Merles K--------------- M - N 96
___
97
Feb’ K
4.80s Merles F__________ U - N 97>? •___
981* Mcli’ lC ___
O
_
_
Peo Gas L A O 1st 6 s .1943 A 12134 May'0,
Refunding g 5s------ 1947 \l - S J1023* Sale 1023*
1
1023*
___ 103 Jline’ l 1
Chlo Gas LAC 1st 5sl937 J - J 1103
Cousum Gas 1st 5s. 1930 J - 1) U0112 102
1015* May’ ll
Mut’l Fuel Gas Ist5sl947 M • N ___
10U: May'll
South Side Elev 4HS.1924 J - J t 95t4 95-t* 95»8 June’ 11
Swift & Co 1st g 5s — 1914 j - •J t10012 ___ 10012 M ay'll
Union El (Loop) 5 s ..1045 A - O ----- -----88
Apr’ HI
___ ___
United Box Board ool 6s 26
70
Apr’ lC
60 Mch’ ll
General mtge 6 s ______ J * .1 __ _ __ _
102
Western Eleo Co 5 s . . . 1922 r - J f 102 102U 102
5
must
he
added
to
N ote..— Accaued Interest
all ChlcaCo b ond

__

_

__

Range
for
Year 1911
Low
High
100i2 10()l2
923* 933*
9()i* 100
00 100
981* 99
. . . ___
. _ ___
1021*
,.
. .
..
.. _

1027*
____
___
____
___
___
87i4 91
973* 100
931* 94*4
821* 883*

99** 1007*
100 100
977* 993*
102 10312
1001* 1023*
101)

100

io;)3i 101*4
103U 107«*
, ___
083* 97*4
973* 100
77
82
,

__

821*
781*
903*
9(51*
09l2
92

853.,
827*
913,
100
100
94U

1013,
102 *
lOlU
10U*
93
100

1023*
lOlPj
1013*
101
953*
1017*

58
60
IDO!* 102
prlooi

NAME

Outstand­
ing
Stock
T

Surplus
and
Profits
t

Dividend Record
In
1909

In Per­
1910 iod.

Last Paid
%

An Jan '11.0
6
$100,000 1/S45.838
6
Calumet National_____
271,322
j -j J ly ’ l l . 5
500,000
10
10
Chicago C ity___________
___
Q-J July ’ l l , 212
Contl’ tal & Comm N at. 20.000.000 10,285,337
16
12
Corn Exchange National 3,000,000 5.096,273
Q-J July ’ l l , 4
Q-J )uiy ’ l l , U2
8
200,000
41,198
9
Drexcl State___________
443.233
10
Q-J iuly ’ l l . 2I2
Drovers’ Dep National.
600.000
10
200.000
51.046
6
Q-J Apr ’ l l , 1'2
6
Englewood State______
12?
First National_________ 10,000.000 11.276.136
12s Q-M 1 ne 30’ ll,3u
First Nat E n glew ood..
150.000 y 187,559
10
10 Q-M Mck31’ ll,212
Foreman Bros B’ k’ g C o. 1.000,000
563.476
Priv
616.188
Fort Dearborn National 2.000,000
8
8
Q-J Apr ’ l l , 2
Hibernian B’ k’g A ss’ n . . 1.500.000 1,053,878
8
8 + 2 Q-J July ’ l l , 2
200,000
10 10+15 J-J July ’ l l , 5
Kaspar State Bank____
193,557
257.031 Beg. b us. Ma y’ 10 V.90, p.1277
La Salle St National___ 1,000,000
546.108
Live Stock E xch’ge Nat 1.250.000
10
10 Q-M /ne 30’ 11.212
66,841
300,000
4
4
Monroe National____Q-F May ’ l l , 1
Nat Bank of R e p u b lic.. 2,000.000 1.313.977
8
8
Q-J /ne30'll, 2
494.341
6
6
National C ity__________ 2,000.000
Q-J July ’ l l , l i 2
90.390
250,000
4
3
Q-J iuly ’ l l , ll2
National P ro d u ce _____
200.000
74.633
North Avenue State—
6 H Q-J July ’ l l , 134
5H
50.000
34,29)
6
North Side State Sav’ gs
0
Q-J July ’ ll, l i 2
30,403
200.000
4
Q-J July ’ l l , 1*4
"North West State-------300.000
115,137
7
Q-J July ’ ll. 2i2
People's Stk Yds State.
62,711
600.000
6 Q-M July ’ ll, 112
6
Prairie State___________
300.000 2207,494
4H Q-J Apr ’ l l , H2
1H
S e c u r it y __________—
200,000
94,500
6
7 'A Q-J July '11, 2
Soutli Chicago Savings.
12,782
y - j Iuly ’ l l , li2
6
200.000
South Side State______
1H
y - j July ’ l l . 3
12
12
State Bank of Chicago. 1.500.000 1.965.670
196.488
250.000
8 Q-M ine 30*11, 2
Stock Yards Savings___
8
49,854
6 M-N May ’ l l , 3
Union Bank of Chicago.
200.000
0
8.494 See V. 90. p. 159
Washington Park Nat’l
100.000
Wendell State_________
50.000
211.015 None None Q-M Dec31’08.H2
977.674
Central 'Trust Co of 111.. 2,000.000
7
TYi Q-J inly ’ ll, 2
224,478
Chicago Sav Bk A T r . . 1.000.000
6
0
Q-J 1uly ’ 11, 112
Chicago Title A T ru s t.. 5.000.000 1 1.849,670
0
7 H Q-J /uly ’ l l , 2
50.000
12,104
Citizens Trust A Savings
4
6
Q-J Apr ’ l l , 2!2
600.000
8 +2 Q-J July ’ l l , 21*
Colonial Trust A Saving
475,687 8 +2
3.000,000
734.546
Drovers’ Trust ASavIngs
200.000
140.926
Q-J July ’ l l , 2
8
8
Farwell Trust C o______ 1.500,000 §234,190
3
6
Q-J July ’ l l , 112
10
12 Q-M ine 30 ’ 11.4
First Trust A S av in gs.. 2,500.006 3.648.69C
250,006
3.057 Beg. b us. Apr 3’ 11 V. 92. p. 929
Ft.Dearborn TrASav Bk
*26,611 lucorp orated 1908 V.87,p.1138
200,006
Guarantee Trust A S av.
Harris Trust A Savings. rl.250.D0C 1,918,434
9H 11+5 Q-J July ’ l l , 3
Illinois Trust A Savings 5.000.00C 8.850.823 16 + 4 16 + 4
7 July ’ l l , 4
02.030
200.00C
Kenwood Trust A Savgs
a u 7 + 154 Q-J July ’ l l , 134
49,680
5
Lake View TrustASavgs
200.00C
6 « Q-J Apr ’ l l . 112
12
12
Merchants’ LoanATr Co 3.000.000 6,273,210
Q-J iuly ’ ll, 4
248.857
6
6
750,000
Q-J ine30’ ll,l>2
Me tropol 1tan Trus t A Sa v
60.057 Beg. b us. Oct 29 ’ 1 0V91, p.I22l
200.000
Michigan Ave Tr C o___
58.372 Com. b US. Ap rlO ’ 11V92 p 1004
500.000
Mid-City Tr A Sav B k .
8
8
Northern Trust C o____ 1,500.000 2,507.084
Q-J Jue30 ’ l l , 2
J-J July ’ l l , 4
6
77.298
0
North-Western TrASav *200.000
600.006
People’s Tr A Sav B k ..
137.535 Beg. b us. One 1 ’ 10 V. 92, p. 08
8
Pullman Trust A Savgs.
300,006 tr227.991
8
Q-J June30’ l l , 2
Sheridan Tr A Sav Bank
200.00C
*20.973 Beg. b us. J’ly 12 ’0 9 V.89.p.141
Standard Tr A Savings. 1.000.00C
284.85S Comm eneed bus. Sept 6 1910
43.462
5
Stockmen’ s Trust A Sav
5 * J-J July ’ l l , 3
200,000
Union Trust C o_______ 1.200,0(M 1,229,381 18 + 2 *8+2 Q-M Jne 30’ 11.2
203,65S
6
W cst’ n Trust A Savings 1.250.00C
6
Q-J Apr ’ l l , 11*
112.071
W est Side TrASavBank
200.001
6 y-M July ’ l l , 2
6
W oodlawn Tr ASavBanv
200.0001
69.161
7 44 Q-J July ’ l l , 21*

__

__

* Bid and asked price*; no sales were made on this day. t June 7 (eloso of business) for national banks and June 8 (opening of business) for Slate Institutions, t No
prleo Friday; latest price this w e e k , a Due Deo. 31. b Due June, c Ex-stock dividend of 33 1-3%. * Also 20% In stock, g Dividends are paid Q-J. w i t h e x t r a pay*
piculs Q-F. r Capital to bo Increased to $1,500,000. V. 02, p. 1611. « In addition, the equivalent of 4% more came from First Trust A Savings B a n k , t June 1
1911. u ln addition, the equivalent of 1% came from First Trust & Savings Hank, v See V. 02, p. 1004; V . 00. p, 632. to March 31 1911. * Proposal to hioraasg
c a p i t a l to 3230,000 ratlflod.
V. 92. p . 1352. y March 7 1911. * March S 1911, JMay 31 1911.




BOSTON STOCK EX CH AN G E— Stock Record, Daily, Weekly and Yearly
SHARE PRICES—NUT PER CENTUM PRICES
Saturday
June 24

Monday
June 26

Tuesday
June 27

Wednesday
June 28

Thursday
June 29.

Friday
June 39.

Sales
of the
Week
Shares

STOCKS
BOSTON STOCK
.EXCHANGE

Range since January 1.
On basis of UW-share lots.
LoW’ St.

Railroads
10 Atch Top & Santa F c.100 102*8 Jan 5
>113% 113% 113% 11333
Do
pref__________100 101% Jan 3
Last Sale 105 June'll
222
222
222 222
‘ "56 Boston & A lbany____100 219 Apr 21
128% 128%
59 Boston Elevated......... 100 12 7 Apr 26
*128% 129
217
40 Boston & Lowell_____ 100 207 Feb 1
216 216 *215
107
107
102 Boston & M a in e.. . 100 101 May 10
106 107
22 Boston & P rovidence. 100 292 Mch2:
___
298 298 *297
13 J ’nO20
*13%
15
*13% 15
100 Boston Suburban El Cos.
72 J an 6
Do prcf____
Last Sale 76% June’ l l
0 Feb 15
*11
11% '266 Boston & W ore Elec Cos.
12
12
381- Jan 3
Do
pref____
86
57
67% *5734 58
___
35 Chic June Iiy & U S Y .100 156 Apr 29
*157
___ *157
Do prcf_____________ 107 M chli
*111 113 *111% 113 5
Last Sale 272 June’ l l
Connecticut R iver___100 265 Jan 31
*
____________
*120
127 127
* ’ o5 Fitchburg, p rcf______ 100 125 Apr 10
152 152
50 Ga R y & Electric____100 117% Jan 23
86 Feb 20
93% 93% "93% 93%
Do p rcf__________100
30
l.ast Sale 200 May’ ll
Maine Central_______ 100 200 May 2
2234 22% 22% *953 Mass Electric Cos____ 100
I i Apr 2u
22% 22
22% 2234 2212 2212 22% 22% 22
93
83% Jan 9
927S 93% 1,498
Do pref__________100
91% 91% 91% 91% 92
9II4 92
91lS 92
140% 141
486 N Y N II A H artford. 100 139% J ’ UO23
140 140% 141 14 n 2 140% 141% 140% 141% 140% 141
lAisl Sale 141 June’ l l
___
Northern N H _______ 100 139 Jan 13
___ *141
___ *141
___ *141
*141
Last Sale 212 June’ l l
___
Norwich A W or p rcf. 100 210 Jan 26
___ ►212 ----- *212
*212
___ *212
187 187
183 188
187
188
‘ *56 Old C olony__________100 183 Mch 15
187 187
*187
------ 187 187
32 Jan 20
*39
42
40
40
*39
42
20 Rutland pref_________100
40
40
*40
42
*40
42
12 Seattle Electric______ 100 105% Apr 18
IIOI3 110‘>8 *110 111 *1101- 112 *110% 112 *10934 110%
*110 111
____________1021­
102% 102% *
102
102%
Do pref__________100 *971- Mchl.j
64
*10212 1027S *1021.4 1023.| 102 102
186 189% 1893s 190l2 189% 190% 188% 18938 188% 189 *188% 18S?8 1,463 Union Paclilc_______ 100 171 Jan 3
90 Mch 9
9434
94% *94
941- *94
Do p rcf__________100
165
9373 937S 94% 9414 *94% 9434 *91
------ *163
___ 164
164
4 Vermont A Mass____ 100 156 Mch21
------ *163
___ *163
*163
------ *163
88 J ’nc2u
88
*38-34 89
237 West End St_________50
88% 8934 88% 88% 88
90
90
90
90
102 Feb 27
Do 103
pref__________50
162
-----------------103 103% *103 103% 103 103 *
*102 103 *102 103
Miscellaneous
40% Jan 3
*56% 57% 56% 56%
57
49 Amer Agrlcul Clicni__100
*5612 5712 5712 5712 *56% 57% 57
99 Jan 6
Do pref______ ..1 0 0
114
*1027s 103% 103 103*8 *103 103% 103% 103% 103% 103% 103% 103%
4% 5
4% Jan 4
*434 5
*434
47g
434 5
390 Amer Pneu S erv ice .. 50
*478 5I4
*478 5
14 Jan 3
*10
17
Do p r e f . . ______ 50
*16% 17
211
*16
17
*16% 17
1612 1012 *10l2 17
119 119% 119 119
354 Amer Sugar R ch u ___100 113% Jail 5
11912 120 *119% 120
11912 120
Do pref__________100 111% Jan 5
118 118% 118% 118% n812 118%
46
118 118I2 118 118
118 118
148-33 14834 1481.1 148% <ll39% 139% 13,845 Amer Telep A Teleg.100 a 139% J ’ne3u
14834 1193s 14878 14978 1483s 149
31 Jan 4
20 American W oolen____100
___
*31
___ *31
31
31
Do pref__________100 *86 Mel) 29
92
92% 91% 92
702
91% 91%
92% 93
'9114 9*ii2 911.4 92
8% Jan 17
Atl Gulf A W I SS L .100
Last Sale 10-% June’ l l
*10% 11
*10% 11
*1012 1034 *1012 11
Do pref__________100
20 J ’ nc24
*21
22
*21
22
"i66
*20
21
*21
22
22
20
201s *21
6% Jail 13
Boston Land___
10
Last Sale 8
8%
May’ l l
8% *7
8I4 *7
*7
8I4 *7
"*45 Cumb Telep A Teleg.100 145% Jail 10
*15633 ------ *15612 ----- 156% 156% * 1 5 6 % ___ 156% 156% *156% ___
7*4 Jail 18
10% *10
460 East Boston Laud______
10%
1012 10% 10% 10% 10-% *10
1012 10% *10
39 Edison Elec Ilium ___100 282 Apr 3
283
283
283% 283% 2831,1 283% * ___ 283
*284 285 *284 285
620 General Electric......... 100 *145*8 Mch 3
102% 162% 162 162% 161% 162%
163 103% 10234 163
1637s 104
650 Massachusetts Gas CoslOO 87% Jan 3
93% 93% 93%
*9318 93t2 9312 933s 93% 93% 93% 93% *93
Do pref________ 100 94% J ’ne27
642
91% 9-184 95
95% 95% 95%
94% 95
95
9434 9512 95
Mergcnthalcr L i n o .. . 100 211 Jan 4
*22234
224%
Last
Sale
224%
June’l
l
*22412 22434 *223 22434 *223 2243.,
3*2 M ch20
4% " ii o Mexican T elep h on e.. 10
4% 4% *4
4% *4
4% *4
4t2 4%
*4
412
95 N E Cotton Y'arn____100 110 Jan 3
113% 113%
___ 113% 114
*11312 ___ * 1 1 3 % ___ *114 116 *114
106
Jan 3
Do
pref..................100
20
111
111
*109%
111
110 111
*10912 112 *10912 111 *110 111
82 N E Telephone______ 100 137 Jan 14
140
146
146% 14678 146 146% *145 146
146% 147
*146 147
*102
___
200 Paciflo Coast P o w e r ..100 96 Jan 9
* 10212 ----- *1 0 2 % ------ 105 105
ion 158 Mch 6
102
02 Pullman C o ..
162" 162% 162
1611*2 161% *161*2 162>2 *101% 162% 162 162
14% 14%
197 Reece Button-H o"le.. 10 *12 Jan 5
15
15
147s 15
15
15
100 100 Jan 20
387 Swift A Co______
152* 102% 102 102% 102 102% 162* 102% 102% 10218
102 102
25 30 Feb 1
99 Torrlngtou______
3134 *31% 3134 *31% 3134 3I84 3134 31% 3134
*31
3134 *31
27 Mch 23
Do p rcf__________25
30
30
30
30
74
*29% 30
*29% 30
*29% 30
*29% 30
180 Mch 13
___
192 192 *193
331 United Fruit_______ 100
192 193
192 193
192 193
193 193
61% 52
1,040 Un Shoe Mach C orp_. 25 *49% J Tie 22
51% 51% 52
50% 5012 *5034 51% 51
60
50
2,% J’ne 2
Do pref__________25
*28% 29
131
28% 29
28% 29
*28% 29
*2S!2 29
71%Jan 3
7973 79% 79% 78% 797S 78% 7S% 7S% 78% 13,260 U S Steel Corp______ 100
7812 7914 79
118
Do pref_________ 100 110% Jan 3
393
*1183s 11878 118% 118% *118% 11834 117% 11S% 118 118% 118
10% Jan 17
7 West Telep a T clcg._100
*18% 19% *18% 19% 18% 18%
20
20
*1834 1912 *1812 20
Do pref___
. 100 89 Jan 23
96% 96% 96
97
108
*90% 97
90
96
9612 97
*9612 97
Mining
4% Apr 24
6
6
25
1,035 Adventure Con
6
6%
6
6%
6% 6%
7
7
634 7
6 Jan 24
640 Algomah Mining.
9
9%
25
9% 978
10
10
10
1 IOI4 103s 10% 10% 10
25 30 Apr 25
30 A llo u e z..
32%
32% *31
32% *31
32% *31
•30
3212 3212 32% *31
59% Apr 18
70% 69% 6978 6,633 Amalgamated Copper 100
70% 7H4 7012 7112 6934 703S 69% 70% 70
28% 27% 27% 2734 2734 1,255 Am Zinc Lead A S in . 25 23 Jan 27
2838 28l2 28% 28% 28% 28% 28
1034 1,030 Arizona Commercial. 25 11% Apr 24
10% 16% 16% 16% 16
*103.t 17
17
1714 1734 17
3 Apr 12
25
790 Atlantic . .
6% 0% 6 1-16 61-16 6 1-16 61-16
6% 6% *6% 0%
6% 6>s
.50 Jan 5
Bonanza Dev Co____ 10
.70
Juno’
ll
Last
Sale
*.50
.70
.60
.70 ,.50
*.50
.00 *.60
5 111- Jan 13
*14
1434 " i o BosACorbCop ASllMg
*14
15
*14
15
14
14
*14
15
*14
15
4% Jan 30
Butto-Balaklava C op . 10
June’ l l
*434 5
Last Sale 5
*434 5
*433 5
*412 6
16% Apr 24
'755 Butte Coalition______ 15
19
19
19
1948 19% 19
20
1912 1912 19% 19% *19
1,817 Calumet A A rizo n a .. 10 46 Jan 19
69% 58% 50
60% 603.( 5918 60% 59
60% 02
6112 62
455 M a yll
44 Calumet A H ecla____ 25
470 475
475
475
470 470
470 470 *470 480
*471 475
11*- Jan 30
*12
13
*12
13
*12
13
25 Centennial___________ 25
*12
13
13
13
*12
13
Cons Mcrcur Gold____ 1 .05 Jan 6
Last Sale .07 June’ l l
.15
*.07
.12 *.07
* ..............12
58% Apr 22
Copper
Range
Con
Co
100
01
61
60%
61%
02
62
*316
61
61
*021*2
82%
6212 6212
3 Feb 8
6
6
6
0
310 Daly-W est___________ 20
*5% 6
6
6
6
6
6
6
7,754 East Butte Cop M tn._ 10 10% Apr 22
14% 13% 13% 1334 14
14
1434 14% 14% 14% 14% 14
7 Jan 21
Franklin
.
.
___25
12%
12%
12%
12%
1234
1234
764
*1234
13%
13%
1212 1314 13
5% Mch 10
0% (i'll
6%
0% 1,315 Giroux Consolidated. 5
684 67s
634 67g
7
7
6‘ %a 0lr’i8
39% 40
41
660 Granby C onsolidated.100 30 Jan 26
4134 41% 40
42
42
41
42
423.4 43
683 Mch 10
7% 73.| 7% 7 9-16 1,330 Greene Cananca_____ 20
7% 7%
734 77S 7 13-10 778
75s 734
28% 27% 27% 1,490 Hancock Consolidated 25 18 Jan 24
28% 28% 2S% 28% 28
2812 29I4 2838 30
.99 Apr 22
Helvetia Copper_____ 25
*1%
138
1%
1%
*1%
138
*1%
183
*1%
13s
*U4
1%
10% Apr 24
14% 14% 14% 14% ‘ 390 Indiana M in in g ...___25
15
15
15% 15
15
15I8 1514 *15
7% Apr 27
83.i
834 1,792 Inspiration C opper. ..1 0
873 9
8 13-16 9
9
9
9
9
87S 87S
383,( 3834
225 Island Creek Coal____ 1 20% May 0
*38% 39
39
39
*3814 3812 38% 381­ *38% 39
87 Feb 3
Do
p
rcf__________
1
88%
88%
974
88
88
88
88%
*88
8812 88% 88% 88% 8834
12% Apr 8
18
18
398 Isle R oy ale C o p p e r .. 25
18
1734 1734 18
18
18% 18
18
18
IS
5 4l5i« J ’no28
5%
5% 4,664 Kerr Lake___________
5
5%
5
5%
5
6% 4 15-16 5
6'io
5*4
1% Maylu
Keweenaw
Copper___36
*3
3%
3S0
3
3%
*3
338
3% 3% *3
3%
3I4 314
261- Apr 22
37
830 Lake Copper C o_____ 25
37% 37
38% 37% 37% 3733 37% 37
38% 38l2 38
3% May 5
La Salle Copper_____ 25
Last Sale 3% June’ l l
*3% 334 *3% 3% *3% 4
- *312 4
6% Apr 24
‘ 566 Mason Valley Mines___5
9%
9% 9% *9% 9% *9%
912 912 *9% 9%
5 MaylO
810 Mass Consol__________25
"*8% '¥34
8% 9
9
9
9%
9
9% *9
9I4 9I4
.20 Feb 18
M
ayllow
er_______
.
.
.
25
1,550
2
2*s
*1%
2
1%
2
1%
1%
: *13.4 2
1% 1%
18i.t
Apr 6
Miami
C
opper.
.
..
5
*22
223g
768
22-%
22%
22%
22%
22%
2214 22*2 2233 2234 22
1% Apr 7
25 M ichigan____________ 25
2%
2% *2
2% *2
2% *2
21­ *2
i
212 21o *2
3u Apr 18
Mohawk_____________
25
110
*49
50
*49
50
*50
51
*50%
61
51%
61%
*5012 51
Apr 21
20
1934 1934 20
19% 19% 19% 19% 1,193 Nevada Consolidated. 5 17%
197S 197s 1978 20
2% Apr 24
255 New Arcadian Copper 25
3%
3%
3% 3%
3% 3% * 3 % ___
3% 3%
*312 378
*10 J ’ne30
Nlptsslng
Mines______
5
1,321
10-%
10%
*10
10
10%
10%
1038
10%
1033
10%
. IOI4 1012
25% Apr 24
33% 33
33
33% 33
33% 3,889 North B utte_________15
341.4 3412 34% 3434 33% 34
45s Apr 22
220 North Lake__________25
8% 8%
8%
8%
8% 8%
*8% 834
9
9
r 8% 9
6 Jail 17
OJlbway
Mining
25
125
*7
7%
*6%
7%
*7
7%
•67s
7%
7%
7%
*7
7l2
.50
Jan 5
Old
Colony__________25
4,180
2%
2%
2% 2%
2% 27s
2% 2%
e2% 2%
11-16 1 1-16
35 Apr 22
540 Old Dominion Co____ 25
48
48
48
*47% 48%
48% 481- 48% 48
4812 4S34 *48
95 Apr 24
45
Osceola
_____
25
*103%
105
*103
106
105
105
*103
107
104 106
*105 107
150 Parrot Sliver A C o p . 10 II Jan 26
1234 127g *12% 13% 12% 1238
1234 1234 *123.4 13%
*1212 13
65 Jan 25
137 Q uincy.
__________ 25
74
74
74
74
*74
75
74
74
74
74
*73
74
315
R ay Consol C o p p e r.. 10 16% Apr 21
*17%
18
*17%
18
18
18
18
18
18
18
% Apr 20
*1%
isg
65
Santa
Fe
Gold
A
C
o
p
.
10
1% 1%
"*i% ” 1%
1% 1%
1% 1%
*112 134
9% Apr 11
537 S h a n n o n ____________ 10
1U2 11*3 11% 11% 11% 11% 11% 11% *11% 11% 11% 11%
.70
J ’ ne29
175
South
Utah
M
A
S
.
.
.
5
.70
.80
*
.75
.80
*.80
.90
*.80
.90
*.80
.90
*.80
.90
30 Apr 24
146 Superior_____________ 25
33
33
*32
33
33
*32% 33% 33
33
*33
33i2 33
809 Superior A Boston Min 10 215ia Apr 7
7% 7%
7%
7%
7% 7%
7% 7%
7% 7%
7I4 7U
13% Jan 3
339 SuperlorAPltts C op p. 10
17
16-% 16%
17% 17% 17
17
*17
1734 17
34 Apr 24
12 Tamarack ___________ 25
*35*
37
*35
37
35
35
*35
30
35
35
*34
37
3% Apr 22
198 T rinity. ___________ 25
4% 4% *4%
4%
4% 4%
4
4%
4% 4%
*412 5
*38
881- 2,436 U S Smelt R ef A M in. 50 33% Apr 7
39I4 3912 39% 39% 39% 39% 39% 393g 387s 39
451- Apr 4
49
*48
481s 1,624
D i pref__________50
49
4914 49
49% 49% 49% 49% 49% 49
2 Mch 10
3%
3% 1,130 Utah-Apex Mining___ 6
3
3% *318 3%
3%
3%
3% 3%
314 338
0% Jan 20
521 Utah Consolidated__ 5
18
*18
18% 18
18
*18
1812 18
18
18% *1734 18
670 Utah Copper C o_____ 10 42% Apr 18
50% 4934 497S
60-14 eiSg 60% 6034 49% 60% 50
60% 61
1% M ch23
50 V ictoria _____ _____ _ 25
17j
2
2
*1%
17S *1%
*134 2
*134 2
*1% 2
6 Apr 18
140 Winona
8
8
*8
8%
..
25
8%
*812 834 *8
8% 8% *8% 8%
Last Sale 114 June’ l l
W olverine____ . . . . . . 25 107 Apr 26
*113 115 *113 115 *113 115 *113 115
1% Jan 25
1% *166 W y a n d o tt___________ 25
134 1J4 *1%
17S *1%
I7* *1%
17g *1%
*7f *1%
U47s 1147s *1141.4 11438 *11373
*1043, 105l4 *10434 IO0I4 *10434
222 222 *222
*222 222
12812 12812 128%
*128 120
*216“
*210 217
105 105
105* 1*05* 105%
*295
___ 297 297 *296
*13%
15
15
*13
15
*75
___ *75
___ *75
*11
12
*11
12
*11
*53
54
54
*53
54
*157
___ 158 158 *157
♦111 113 *111 113 *111
___ *271
*271
___ *271
126%
127 127
* ___ 127
*151
___ *151 15312 *151%
___ *93
*9312 ----- *93

' • Bid ana asked prtooj.




114%
105%
223
128%
___
100
___
14%
___
12
55
___
113
___
126%
155
___

*113% 113%
*104% 105%
222 222
128 128%
217 217
100 107
*296
___
* 13% 14%
*75
___
*11
12
55
57
*157
i...
111% 111%
*271
___
126% 127
*152 153
* 9 3 % ------

^New"stockI

e AssTt paid.

b ExrStooh dlv.

h Ex-rlgUtZ

a Ex-dlv. aad rights.

11 ighest.

Range for Previous
Year (1910).
Lowest.

| Highest.

116% J ’ ne 6
91% J’ly 123% Jan
<7% Aug 104% Jan
105 J ’ne 20
220 Feb 15 218 J ’ne 234 Jan
1297s Feb 1 *122 Aug 13634 Jan
217 J ’nc21 200 J ’ly 227 Feb
122% Feu 15 .118 Deo 152 Feb
300 Mch 6 285 Oct 300 N ov
14 J'ne
10 Mch 15
10% Nov
70% J’ne22
76 Apr
70 J’ly
12 J ’ne 29
8 Mch
10% Sep
35 Aug
57% J n e2 9
48 Jan
161 Feb 27 139 Sep 160 Deo
113 Feb 2o 109 Get 118 Jan
272 J'ne 6 260 Oct 270 Mch
130 Jan 4 124% Sep 133% Jan
an 123 Oct
152 J 'nc29 104
90 Oct
85 Apr
93% J ’ ne lv
215 Jan 18 202 Fei) 218 Dec
21% Nov
14% J ’ ly
24 J ’ne 3
8834 N’ OV
75 -Fly
93% J ’ do 30
151% Feb 23 149 Apr 16433 Mch
142 Mch 6 139 Dee 141 Dec
212 A pr 29 210 May 212 Mch
189 Jan 3 181% Sep 200 Jan
44% Nov
25 May
43 Feb 21
112 Feb 27 103 Aug 116 Jan
9834 Auv ]0-;> Men
103 J ne 13
190% J ’n e 20 153% J ’iy 204% Jan
96% Mavl2
89% J ’ly 103% Jan
104 J’n e 10 154 Get 168 Jan
83 Sep
93 Men 22
95% Mch
105 Jan 10
99 J ’iy 109 Feb
60% MaylS
30 J ’ly
98% Ucc
105% Mch 1
4 Dec
6% Jan 20
1334 Dec
19% Jan 31
122 Feb 27 111 Get
120% Mavl9 1113.4 Oct
IO31.1 J ’110 8 127% j ; y
26 J iy
30% Mch 20
90% Dee
96% J Tic 15
7 Z Mch
11 May29
16 May
20 Jan 31
41- J ’ly
8% Apr 29
159% J ne 15 138% J ’ly
7% Apr
12 May 1
202% Feb 3 A239
167% May 29 135 J iy
70% l e b
94% J ’ne 15
89 May
98 Mch 25
225 May 17 2121- Doc
03“ Jan
47s Jan 31
119 Mch 14 107 Sep
991- Aug
116% Mch 15
150'- J ’ne 10 1291- Aug
931: Nov
105 J ’nc28
163 Jan 30 153 J ’ne
11% Jan
16 May 1
104 J ’ne 6 100 Jan
28 Mcb
36 Jan 3
27 Jan
30 May3l
197 J ’ne 12 165% Jan
5878 Feb 18
4034 J , y
29% Jan 31
25% J y
61% J }y
82% Feb 6
120% Feb 2 i n f i y
14 l'eb
23% Feb 6
81 Aug
97% J ’ne 7

491- Oct
105 Sep
8% Feb
24 Feb
12733 Mch
124 Mch
1437g N ov
39% Mch
104% Mch
11% Jan
28 Jan
8% Jan
152% Mch
11% Jan
2921- N ov
160% Jan
913s Nov
97 Mch
226 Nov
634 May
124 Jan
115 Jan
13334 Doe
100 Jan
200 Feb
14 Oct
10934 Jan
37 Dec
31 May
200 Sep
7134 Apr
31 Jan
903j Jan
125% Jan
1U34 Sep
94 Jan

4 J ’ly
7% J ’ne 16
10 Feb
1434 Sep
73.1 Dec
11 J’ne 13
39 Jan -1
68 Feb
3 1 1 J;jy
71% J ’ne 19
9034 Jan
55% J , y
30% J ’ ne 14
40% Jan
lot- J >y
12% May
18% JTiol4
6034 Jan
6 Jne
6% J'ne20
12% Jan
.50 Mch .70 Mch
.75 Mav22
10 May
15% May 27
24% Jan
41,
Nov
6% Jan 14
18% May
20% May24
16% J'ne
28% Jan
443., J y 103 Jan
63 J ’no 6
545 Jan 4 500 J jy 68i> Jan
38 Jan
15%Jan 4
13% J y
.16 Jan
.15 J’n e l.04 f iy
85 Jan
6934 Feb 2
68
9% Mch
31- Sep
6% J ’n e 21
14 Nov
1434 J ’ne24
6% J ’ly
9
Deo
22% Mch
14 J ’ne 8
12% Jan
0 J'iy
8% Feb 0
20 J ’iy 111% Jan
43% J ’ne21
6% 'Sep
117s Jan
7?s J ’ne 19
1434 J ly
36 Jan
30% J ’nelO
13, Oet
578 Jan
2 Feb 4
10 j ’ly
16 J ’ne 2
4434 Mch
9% May27
40% J ’ne j
30% Dec
3334 Oct
84% N ov
91 J ’no 0
90 Nov
131- May
19% J ’nolJ
28% Jan
7<8 Jan 21
*0 Sep
11 Jan
3.% J ’nclO
03.1 Jan
3 J ’ly
40 J 'n cl3
94% Jan
28% J’ly
6% Dec
6 Jan 3
19 Jan
10% Mav2U
41- Mch
e lo J ’nelO
10*8 Oct
3 May 18 .35 •Oct
178 Jan
227s J ’ne21
20 Jan
17 J'iy
31.1 Deo
3% Jan 4
8% Jan
53 J ’no 15
43 J'iy
75 Jan
21% J ’ne 15
17% J ’iy
27% Jan
4% Aur 28
3% J'iy
10% Jan
934 Jan
11% Feb 17
12 May
30% J ’no 2
18 J ’nc
50 Jan
934 J ’no 3
6% Dec
2573 Mch
8% J ’no 6
1234 Jan
6 Sep
e27g J ’ne29
134 Feb
.25 Aug
291- J ’ne
49 J ’ne 13
55 Jan
124 Jan 3 114 J ’iy 160 Jail
11 Dec
2H4 JftU
13 May22
92 Mch
74 J ’ne21
60 J ’iy
2434 Mch
18% Jan 4
15% J ’iy
234 Jan
1% N ov
134 J ’nc 10
18 Jan
S34 J ’iy
121.4 Fob 2
1 Dec
334 Jan
1%b MaylS
36 J ’ly
63% Jan
42%Jan 3
4% Doc
18 Jan
8% J ’ nelO
9 J ’iy
18 J ’ ne 5
16% Jan
45i2 J ’ ue
52 Jan 3
78 Jaa
1133 Jan
4% Dec
5 Jan 3
65 Jan
30 Dec
40% J ’ne 14
4534 J'iy
49% J ’ne20
63% Jan
2 Deo
3%J’ nc 15
6% Jan
12% Dec
20 J ’uo 14
40 Jan
62 J ’n e 14 A3934 J ’ne
60% Jan
2% Feb 7
2 Dec
534 Jan
9% Feb 6
5 J’iy
15 Jan
122 Feb 10 102 J ’iy 160 Jan
334 Jan
2 Feb 6
1% J ’ly

Boston Bond Record

July 1 1911.)
<3|
■MO
BOSTON STOCK ffiXOH’ GE
W eek ending J une 30

Brice
t'ridai,
June 30

Week's
Range or
Last Sale

33

RON DS
BOSTON STOCK E X C H ’ GB
w ukk E nding J une 39

^2
Range
o.-51| Since
^■^l 'January 1

Week's
Range or
Last sale

Brice
June 30

Range
S o ; Since
January 1

I
A S K LO W
High No 11Low High i
Jim
Hi an i «vo Low H igh
ho 10
Am A grioul Chem 1st 6 s..1028 A-O ...................101*4
101 *4 5, 1914 192 4 I Illinois Steel deben 6s___1913 A-O ioo% 190% IU04 109*8 6 109 102*8
92
Am Telep & Tei coll tr 48.1020 j . j
92 Sale I 9l*4
89 4 92 I la F alls& Sionx 0 1st 7 s.. 1917 A-O' .. . ! ........ 117 A p c’o s
Convertible 4s............... 1030 m -8 11.9*4 111 n o n . 1114
105% 1114 Kan C C lin * Sor 1st 5 s ... 1925 A -O 1 ' .
644 F eb’ l l ' . . . . ' 94*i 9 4 4
Kan C Ft S A Gulf ext 6s.. 1911' j -D ........ ! ......... lo o May’ l l .. .. 190 1004
Am W rit Taper 1st s 15s g 1919 J - J ...................' 90 F eb ’ l l
90
00
122 Vi J ’no 11
Am Zinc
S del) 6 s .... 191J M-N
199 122 4 Kan C F t Scott do M 6 s .... 1928.M-N 1 164 Sale 1164 1164
1 115 116*4
92 ____ 92 May’ l l . . . . I 92
A riz Com Cop 1st conv 6s 1920 J-D
91 4
84
92 4 Kan C M & B gen 4s.......... 1984M-S
99 4 9 1 4 i 9 1Vi
93 4
Aten Top cfes F eg en g 4 s.. 1996 a -O
Assented incom e 5s.......1934 M -S1
. 91
90
98
99 4
88 A p r’ l l i___1 83
98% 99 % 98*4 J’ n eT l
Adjustment, g 4s...... J’ly 1996 Nov; 91
9 1 4 Kan C <fc M By «fc Br 1st 5sl929 A-Oi 102 ** 193 192 Miu’ l l .. .. 192 103
91
91%; 91 A p r’ l l
91
S tam ped...............J ’ly 1995 M-N
92 | Maine Cent cons 1st 7 s ...l9 1 2 A-O; ................... 192*4 Feb’ l l .. .. 192*4 102*4
91
91*4 1, 92 May’ 11
59-yearoouv 4s............ 1955 j-D
109% Mar’ l l
Cons 1st 4 s ......................1912 A-O1
109*8 199 <4
1914 Sep ’ 95'..... .....................
10-year conv 5s............ 1917 J-D
M a r'll
115 J’ iic'9.3...........................
.1 108*4 119 °a Mara Hough do Ont iHt 6s. 1925 A-O
A tl Gulf «£» W I SS L in es5s.’ 69 j - j I 70
79 ‘u
71
2, 68
73
Mass Gas 4 4 3 ....................1929; J .J 100 190 4 199 4 J90%
4 99 4 l9 0 * »
71
l
Boston E lect L consol 6 s .1924 M-S
M tch T e le p lst 5s............... 1 9 l7 lj- J
.10 Feb'04
99 4 M a y ’ l l . . . . 9 9 4 9 9 4
Minne Gen E lec con g 5s 192 9 'J-J
Boston & Lowell 4s.......... 1916 J - J
. 1 9 0 * 4 Mar’99
192 4 •\ up’ 9 4 l...............................
Boston a Maine 4 4 s ........ 1944 J-Ji
N ew Eng Cot Yarn 6s___1929 F-A 192 4 193
192*4 J ’ne’ l l 1. . . . lo o *193
.1 0 4 4 Oct '98
New Eng Teloph 6s.......... 1915 A-O
Boston Tenm ual 1st 3 4 a . 1947 F-A
.1 1 2 4 J an ’03
191*4 Mar’ l l . . . . 101*4 102
Bur da Mo Riv cons 6 s ___1918 J-J
.1 9 3 Jan ’ l l
6a....................................... 1916 A-O
193 103 4
109 4 sep ’08!......................... .
B utte di Boston 1st 6 s ....1917 A-O
N
ow
England
cons
g
6
s...
1946
J-J
,.1109 J'ne’ 9.1
boston Term 1st 4s.......1939 A-O
B utte Klec«& Tow Istg 5 s.l9 5 1 : J-D
Cedar Bap da Mo It le t 7s. 1916 M-N
N ow B iver (The) conv os. 1934 J-J
ill 3 *-i May’ 10
75 Oct TOi___'i...................
91
Cent Vermt 1st g 4 s..M a y l9 2 0 %-F
96*4 May’ l l ! . . . . 1! 96*4 9 9 4
904
904
87 4 90 4 N Y N 11 do f i con deb 3 4 sl9 o 6 ' J - J
Conv deb 6a (c t r s j.........1948|j-Ji
O H c N Iowa l)iv let 5 s .l9 l9 A-O
111193 Oct *07
133 4 May’ l l ....1 3 2 * 4 134*4
Old Colony gold 4 s ............1924 F-A
Iow a DiV 1st 4 s .............. 1919 A-O
! 99 F eb ’ l l
lOi A p r ’u j:...........................
Debenture 6s...................1913 M-N
100*4 1014 Oreg B y do Nav con g 48..19461j-D
19L4 M ay'll
98% Sep '9 9 *.... ...................
Oreg Bh Lino 1st g 6s....... 1922 F-A
Denver E x ten 4s........... 19221 F-A
9 9 4 May’ l l
114% F e b T l . . . . 114*4 1144
99 4 199
Nebraska Exten 4 s .......1927.M-N
08*g 9 9 4 Pere Marquette deb g 6 s.. 1912 J . J
99 4 May’ 11
98 J’ n e T l:....'! 98
98**
4 s ................. 1921 M-S
9 9 4 Fob’ l l
193 J a n ’ l l . . . . 193 193
99 4 99 4 Bopub Valley 1st a t 6 a ... 1919 J - J
87-4 Mar’ l l
Illinois Div 3 4 s .............. 1949 J-J
87®e 88 4 Rutland 1st con gen 4 4 s . 19411J . J
197 4 N o i’u j ; ...........................
Cblo JO By da atJc Yds 5s .1915 J-J
Rutland-Canadlan 1st 4s 1949! J-J
1914 192 4
_ 100 1024
192 Mai ’0 2 ...........................
Coll trust refunding g 481940 A-O
99 4 J’ no’ l l
.[ 89 4 904 Savannah Elec 1st oons 58.1952' J-J
7 0 4 D c c T 0 .. .. ...................
Seattle Elec 1st g 5s..........1939 F-A 193 **j 105 194 4 J ’ u e T r ___1104 195
Oil Mil <ft HI P Dub D 6s.. 1929 J-J
.1 1 4 l i t
114 J a n ’ l l
Oil M db tit T W18 V div 681929 J - J
J! 113*8 1134 Shannon-Anz 1st g 6s____1919 M-N
....11134 Feb’ l l
91 .......
93 A pe’ l l . . . . 93
93
Terre Haute Elec ^ os____1929 J -J
‘
199 4 J ’n o'l 1
Clilc da N o Mien 1st gu 68.1931 M-N
. | 98 4 101
.! 97 A p r’07 ,
Ohio & W Midi gen 6 h___1921 J -D
1 109 191*4 Torrington 1st g 6s............1918 M-S
1014 1914
.1 0 9 4 Mar’ 10
II...................
Umou
Pao
R
R
c
fc
lg
r
g
4
s
.l9
4
7
J
-J
91
D
ec’97
Concord & Mont cons 48.. 1929 J-D
.101 J’ no’ l l . . . . 100*8 101
29-year conv 4s................1927! J -J
112 4 Jan ’ 03
Conn A Baas K 1st g 4 s ... 10431 A-O
,104*8 A p r’ l l . . . . 101*8 1044
United F ruit ge n s 14 4 s. 1923 J .J
uu*4
199 4 Aug’09
Cudahy P a ck (T h o)lstg 5 s 1924 M-N
.! 96*4 J’ n o 'll . . . . 9 5 4 97 4
97
Mat’
l
l
U
8
C
o
a
l*
Oil
1st
8
f
6
s..
1938
M-N
Current Biver l8 t6 a ........ 1926JA-0
....i 97
97
.[165 N ov 10
8 7 4 J’no’ l 1 ...J 87
87 *« U S Steel Corp 19-69 yr 5s. 1963 M-N
Dot Gr Hap & W 1st 4 a ... 1946 A-O
.105*4 105*4
2 104 4 100
West End Street B y 4s___ 1915 F-A
Dominion Coal 1st 8 f 6 s ..1949 M-Ni 98
934 98 J’ uo’ l l — -j 95*4 98
. 99 May’ l l ___ 98 4 99
Gold
4
4
s
............................1914
M-S
193 4 A pi '96
Fitenburg 4 s ...................... 1915 M-8[
.T 0 9 4 M u y 'H . . . . 10U4 1004
96 A pr’ 08 ___1
Gold debenture 4s............19 J6 M-N
4 a ..................... .................1927 M-S
.1 98 4 A pi T Ji...........................
GoLd 4s.............................. 1917; F-A
From tKlk A Mo V let 6 s..1933 A-O
127 4 J an ’ l l
1274 *127%
9 8 4 J a n ’ l l .. .. 98 4 9 a 4
c Western Teleph * T el 5s. 1932 J .J
09 4 99*4 99 4
[140 A p r’06
Unstamped le t 6s.......... 1933 A-O,
99 V 13 96*4 100
Gt Nor O B & O coll tr 4s 1921 J - J
9 7 4 S a le I 9 7 4
97 4 1 15, 95 4 98*4 W isconsin Cent 1st gen 4sl949[ J - J
93 4 Jan ’ l l ___ 9 3 4 9 34
Registered 4s................... 1921 Q-Jl 9 7 4 .......... 1 0 7 4 J ’ n o ’ l l l . — -1 95% 98
\

.....

N ote —Buyer pays accrued interest in addition to the purchase price for all Boston Bonds.

wNo price Friday; latest bid and asked.

\\ Flat price.

Philadelphia and Baltimore Stock Exchanges— Stock Record, Daily, Weekly, Yearly
-Share P rices—Not P er Centum P rices
Saturday
June 34

Monday
June 36

92
92
*914
<•99%
13(IL
is o
t
___
28
28 '
*61
614 *
19%
19% 19%
f .........
♦43*4
H i ’,
*12%
44
*32
74
»8
27
♦B8%
99%
on1.
66
17-4

134
44
45
12%
54*4
33
74
9
27
88%
99%
624
66
m

7i)3. 80 4
<i 'h
49
*49
♦88'a b8%

44
41*4
12%
54 4
*32
7 34
<8
20 4
88 4
99%
62%
*66
17>.
19%
Sl^ia
6%
49
88

Tuesday
June 2?

Wednesday
June 26

512 *.
92
92
02%
99% 99*100
1MOL
131 *
13 l
26
28
27 4 27 4 *27
0 1 4 *......... 6 1 4
6 9 4 00*4
19 4
IU
19% lU^e
19%

Thursday
June 20
924
*27
*69

lYtday
June 30

92 V, +92
*99 4
«;<139
27^ *27
*694
19
19%

584
921,
109
20
281
1394
299
27 4
126
61
19% 2,091

*12
44
43*4 43% *43**4 44
4 3 4 43*4
43*4
45
45
45
44% 1V'»
44%
41% 40
+ 12% 12%
12% *12% 12% ♦12%
12%
64
64 % 63*4
64 4 54 4
64%
5 4 4 54%
32
32
*32
33
33
*31% 32 % 32
734 73 4
7 3 4 16 4
734
734 -73H, 74
8
*8
8
*8
84
*8
84
84
26
25
26%
26
25*4 26
204
26*4
83 4
8i>4 884
88 4
88% 88 4
88 4 88%
99% £87%
99%
90
99
9U% 90
99 4
02%
62% 62%
62% 62 v oa ■. 62 4
67 s *65
67 4 *554 57 4 v66
fiV 'I *66
17%
17 >4
17‘. 17”8
173, m
17 >4 17*.
1U%
19% 19%
19%
19% 19%
80 4
79% SOS,a *79%
89%
79*4 8d%
6%
6 4 6%
6%
li‘ ia li'a
49
49
48% 48%
49
49%
48% 49 4
88%
87% 88
*17
88
88
iU ’ a 1)7''.

P H IL A D E L P H IA
In a ctiv e JMoclts
American M illing.......10
Cambria I r o n ...........60
Central Coal <fo Coke.lOU
Preicrreit................ 190
Consol Trac of N J
Ft Wayne & W V ..

Bid

Ask

P H IL A D E L P H IA

13
43=,
4 4%
L2'a
64
32
734
84
26 s
89
88
0(5%
bR4
17S.
194
89
6%
49%
87

86%
190%
IM S
191
1024
..........
*90
94
08 4
83%
(58
191
19 4
i i) 8 'a
1 93 4
117 4
i*4*f
97 %

iln itim o re
Con. Gas EL L. jb Pow.lOO
Do pref...................109
Northern C entral......... 60
Seaboard (n ew )............. 109,
Do 2d pref.............199.
United By A E lectric.. 69

P H IL A D E L P H IA

Bonds

97%

...........
03 4
i9 3 4
193*4
89
ib o » i

Lowest
64 Jan
89 Jan
12 i Jan
21 Jan
4 3 4 Jan
1 6 4 Jan

P h ila d e lp h ia

Ph & Bead 2d 6s ’3 3.A-O
E x Im p M 4s g ’4 7 .A-O
Terminal 6s g 1941. Q-F
P W ife B col tr 48'21. J-J
Portland By 1st 6s 1939.
85 4
103 S Bead T rac ist6 s 1933 J-J
Booh Byes L eon os ’54J-J
94*4
Spanish-Am I r 6s ’ 27 J-J
Stall'd Gaa-fcE 6 s'25 M-N,
U Trac ln d gen 5sT9.J-J
i 17 4
Un Bys T r ctfs 4s’ 49J<fcJ
United Bys Inv 1st coll tr
103
af 5s 1926............... M-N
Welebach » f 5a 1939.J-D
78
Wiks-B Gdb E con5s’5 5J -J
York B y s la t6 s 1937.J-D
90%
IIA L T U ID H E
94%
lu u c tiv e b lo c k s
Ala Oons Coahfe Iron.100
69
P r o f........................... 190
84
Atlanta as Charlotte.. 199
69
Allan CoaatL (Conn)190
Canton Co...................190
Cons Cot Duck C o rp ...69
i*09%
P referred ...................59
Georgia S ou & F la ...199
1184
1st pref.................... 109
2d prof...................... 190
0 7 ■-> G-B-S B rew ing.......... 10<

"u T s i o o " *

i"o*L4
92 4
193 %
99*4
193 4
79 %
197 4
100 %

Range Since
Jan 1 1011

Brices are a ll “ and
interest
Anacoatia & Pot 6s........
A tl Coast L(Ct)ctfs 6s J-1
CUs of inuebt 4S ....J-J
5-29 yr 4s 1925.........J-J
Balt C Pass 1st 5 s '11 M-N
Balt Fundg 6 s.1916 M-N
Exchange 3 4 « 1930 J*J
Balt«to P 1 st6 s m i’ l l A-O
B S P & C 1st 4 >^3 ’ 63F-A

Bid

Ask I

Range lor Brevious
Y ea r(1 01 0 )
j

Lowest | 11igheft

j
May29

9 04
46 Mar
9 1 0 0 4 J'ne 7 89 Mar
11 130% J'ueJO 115 Jan
4 284 J ’ne 3 18% J’ly
4 62 J’ ue 3
49 Oct
9 1 9 4 J ’ne2i 12% May
174 Jan 4 17 Dec
45 4 Jan 2u 41*4 J’ ly
48*4 KOUIS 4 9 4 J ’ly
12 *aJan 14| 1 114 J ’ly
6 6 4 J’ uo»6 42 J’ne
31*4 Jan Lu[ 19*4 J ’ly
8 3 4 Jan 39 64 J ly
9% Jan 10
7 J ’ly
32 Feb 6’ 15 4 J ’ue
98 Jan li! 86 J’ne
9 0 4 Feb 3 6 2 4 J ’ly
65 Feb 2 61l l ie J’ly
69 4 J ’no 6‘ 42 J ’ue
17*8 J’ ue23 *13% ueo
21*4 Jail 29 1 5 ' Apr
89*4 Feb 10| 65 4 J’iy
8 'BJan 17!
b 4 J an
61 J’ ue 8 38 Oct
8 9 % Jan 0 79 J ’ly
RALTLH OU E

64 4
90
132
274
47
16 4

Deo
J ’ly
Feo
Jau
Juu
Deo

28 Jan
59 Jan
53 4 Jan
12 4 Jan
64 4 Mar
34% Deo
84*4 Jan
13 Jan
29% Deo
123 Jan
1214 Mar
Mar
5 3 4 Jan
164 Mar
28 4 Jan
86 Feb
91io May
52% Jan
95% Jan

jn d

Ask

........
.
ioo'vj ch ariC cfcA 2 u 7 b'1 u a -u
117 U 7 1, 1 City dis Bub 1st 5 s ..’22 J-D ii)5'4 195%
09 4 .........1 C it y * ttub( W as)lst6 s’ 48 102 193
Coal <&1 By 1st 5s ’ 29F-A
193 4
129 i.25 I CoLVsGrnv 1st 6s. 1916 J-J 106 198
}
199%
Gen 4%8 1054........ A-O
101*4 ib*i
97% 98
192 V Cons G K & F i sa ’ 35. J -J
86% 87
...... F a ir* Cl T r ast 5 s ’ 38. A-O 191 101%
77% 77*4‘ Ga Ala 1st con os '4oJ -J 195 4 196
GaCar<fcN 1st 6s g '29 J-J 1(15*4
8 5 4 85% Georgia P 1st 6 s . ..’22 J-J 11^ 114
1U6%
G-B-B Brew 3-4s 1951.N1-B 43
101
43%
2d income 6s 1961 M-N
u%
6
05
Kuoxv T rac 1st 6s ’28A-U 104 103
LakoR El ls lg u o s ’42M-B
Macon By(fc Litlst5s’53J-J
40
Memphis b t 1st 6a’ 46 J-J
M et8l( W ash)lst5s’26 F A
......
511 Ver Cot Duca Lst os.
245 252
7 5 4 75%
N ptN & U P ls l 6 s ’38 M-N
119 121
N orifcPorTr IstOs’ dbJ-D
3
5
88
884
N orfolk Bi ls t 6s ’4 4 ..J-J 195 4 1974
17
18
North C ent4 4a 1926 A-O
35
Bencs A 5s 1926___J-J 109 4
02
95
Beries B 6s 1926___J-J
75
4
1 4 Pitt Uu T rac 6s 1997.J-J
P olo Vai ls t 6s 1941..J-J iu5
Sav bTa<&Wcat6a’34 A-O 119 111%
Seab & Roan 5s 1926.J -J 196 107
.South Bound 1st 5s..A-O 197 108
U El LA P l s t 4 4 s ’ 29 M-N
93% 93*4
104
Uu By <fc El 1st 4 s ’49 M-8
85% 86
Incom e 4s 194a.......J -D
64%
04
64
Funding 6s 1936...J-D
87*4 88
V aM id 2d ser 6s ’ ll.M -8
3d series 6s 1016..M-8
::::::
04
05
4th ser 3-4-5s 1021. M-8
......
5lh series 6s 1926.M-8
07
07 4
Va (BUiie) 3s new ’ 32.J-J
87
107 H 108
86
Fund debt 2-3s 1991.JM
86% 87
190*4 119%
W est N 0 con 6s 1914 J -J
Wee VaC&P is t b g ’ l l J-J 109 190%
i ‘0 2 4 ioas W ii da Weld 5 s ..1935.J-J 110 L
1L

* B n l a n d a s k e d ; n o s a le s o n t h is d a y . 11 E x -d i v , So r ic h t s . U $ 1 5 u a ld . t $ 1 2 % u a i d . * 8 1 3 4 p a id . } $ 3 5 p a id , a R e c e i p t s ,




R ig nest

American Cement........ 50 12 May23
234 American Bad w a y s .... 69 42 Jan 5
409 Cambria S te e l............... 59 4 2 4 Jan 3
99 E lectric Co of Am erica 10 !L % Ja n 4
706 Eleo Storago Battery.. ] 90 4 8 4 Jan 3
66 Gen Asphalt tr ctfs ....1 9 9 3 1 4 Mar 4
239
Do pref tr ctfs ....1 9 0 72 M ario
6 Keystone T elephone... 50
8 J ’ne 3
1,532 l>ake Superior Corp___190 25 J’ne'lo
323 Lemgh C «fc N av tr ctfs. 50 »3 4 J’ ne29
1,410 Lehigh Valley............... 50 84 4 Apr 24
1,29 Pennsylvania B B ......... 60 Got, Mayi6
45 Phdadelp’a C o(P lttsb ). 60 j;50 Jan 3
4,166 Philadelphia Electriclj. 25 16 Jan 19
1,050 Philo Rap T r vot tr ctfs 50 17 Apr if
7,07u B ead in g......................... 6u 74l%e Apr24
3,55u Tonopaii Mining ......... 1 6-4 J'no l
665 Union T ra ctio n ............ 50 43 Jan 3
1,097 United Gas Im pt.......... 60 8 5 4 Jan 3

B id | Ask,

Bonds
Brices are a ll u and

1%
1%
41
45
89
81
A lt A LVBU k?M sb’MS.F-A
81
89
Am Gas & Elec 0s’07. F-A
77
Am BysconvOs 1911.J-D
Coll tru ,t Gs 1917.A-O
A tl C Eleo ref 6s '3 8 .M-S
Huntingdon <&U
U ergAEBrw ls t 0 s ’ 2 i J-J
Betlilo Steel 6s 1998.q -F
P referred .......
Choodi Mo 1st 6s 1949 J -J
Indianapolis St..
Cii Ok * G gen 5s T 9 J -J
*2(5% ’ 21** Con Trac of N J 1st 6 s.’33
Del CoRys tr otf ■*4s’ 4;'J-J
E «te A 1st M 6s 1920 M-N
........
Elec A Peo i’r stk tr ctfs
P referred__
GenAspLalt 6sl916.M-S
9
Indianapolis B y 4 s.1933
8%
23
Preferred v t c.,
23 4 Interstate 4s 1943 ..F -A
Keystone T el 5s 1936.J-J
16%
L it Brothers........
Lake Sup Corp Inc 5sT 4 O
Little Schuylkill.,
L eiugliN av 4 4s ’ 14.(J-J
Gen M. 4 4 s g.l9 2 4 .Q .F
29
ProLorred............
Loll V C 1st 6s g ’3 3 ..J-J
79
Leh V ext 4s 1st 1948. J-D
N lla v e n Iron do ste e l.6
Northern Central..,
139 L3L
Consol 6s 1923.......J-1)
North Pennsylvanl
Consol 4 4 s 1 92 3 ...J-D
Pennsylvania Salt..
112
Annuity 6s............. J-D
Gen cons 4s 2003.M-N
P referred .
Leh V Tran con 4s'35J-D
43% 44
1st senes B 5s 1935. M-S
NatLILfc PserB 6s’ 19J-J
864 87
Phila Traction.,
New Con Gas 6s 1948 J -D
N Y PJidi No 1st 4 s '39 J-J
6
Tonopah Belmont D ov.l
Income 4s 1939...M -N
249%
NoOhloTrac con5sT9.J-J
Penn & Md Bteel con 6s.
9% 19
Pa * N Y Can 5s ’39. A-O
39*4
Penn Bteel 1st 5s T7 M-N
Poo pie’s T r tr certs 4s '43
P referred ...
—
P Co lst.fc col tr 6s’49 M-S
\VelsbachCo.
’ *65"
Con<& col tr 6s 1951M-N
Phil Elec gold trust ctfs.
........
Trust certils 4s.............
7
8 P do E gen M 6 g '29. A-O
Gen M 4a g 1929..A<fcO
P r e f e r r o d ..............
244 25 4

Sales
A C T IV E S T O C K S
of the\
|Week |( l o r Bonds and Inactive
Stocks see below)
Shares]

b $ 2 5 p a id , c $ 3 9 p a id . d $ 4 2 4 p a i d .

THE CHRONICLE

34

[VOL. LXXXX1II

Bid ,4S*
Industrial .and M isco
13
1312
a Cruci.ue .Jtoci---------- .100
e Preferred................ IO11 814| 82
4]
1
Davis-Daly Copper Co. -.10
TRANSACTIONS a t THE NEW YORK STOCK EXCHANGE
e Diamond Match ■0 .. 100 1020 103
DAILY. WEEKLY AND YEARLY.
duPont (E l) de Nem l’o 1(H) 159 163
e Preferred................ 101 ___ 99
f()l2 ____
e Gold 4Hs 1930... J-D
Railroad,
11)
15
Electric
Boat________
State
U.
S.
Ac.,
Week end’ng
50
■
10
Kill
Preferred__________
Boruls.
Bonds.
Hands.
June 30 1011.
Share*, i Par value.
15
10
Empire ateel............... .100
Preferred . .
.
100 4 < 55
5230,000
Saturday ----------------372,2,36 534,858,600 SI,747,000
132 136
0 General Chemical.. . .100
397.500 $545,000 Telegraph and Telephone
3.368.000
Monday____________
625,555 57.588.000
75
82
c Preferred.. . .
.100 105l2 107*2
172.500
47.000 i Amer Teieg A Cable__ loo
2.582.500
Tuesday-----------------433,770 41.009.000
u
120*2
Gold
lllll
Copper..
.
e
Central
A
So
Amer__
.100
X*
18*2
...1
913.000
214.000
2.786.000
Wednesday_________
376,165 35.114.650
Greene-Cananea.......... ..20
*7*2 734
748.000
34.000 Comm’l Un Tel (N Y )...2 5 108
3.383.500
Thursday...... .............
252,766 23,091,600
75
Guggenheim Kxplor’n. .106 197 204
611.000 352.000 Empire & Bay State Tel. 100 (5
2.392.500
230,538 21,628,800
Friday - ____________
45
e Hackensack Water Co
Franklin ...............
100 40
83
Ret g 4s ’52 op 1912 .J-J
A Stock Teles___100 110 116
871T o ta l..................... 2,291,0S0 S213.290.650 816,259,500 S3,102,000 S1192 000 es Gold
8
12
Hall aigml Co com___ .101)
Northwestern Teles____50 101 115
3
5
75
Havana tobacco Co. . 100
Pacific & Atlantic_______ 25 65
jan. 1 to June 30. 1
Week ending June 30.
Sales at
10
16
X94'2
10(1
964|
Preferred .. _____
e Pac Telep A Teles pref 100
02
NCW \ Ol A* o/ucai
to
95
1st g 5s Juno 1 1922 J-l) / 66
Southern A A tlantic___ 25
1910.
1911.
1910.
E'xcfianoe.
1911.
Hecker-Jones-Je.vell .Millin'.'
1st 6s 1922________ 51-8 101 104
Companies
54,427,989
98.662,255 B A Ferry
5,157,074
2,291,080
15
Stocks—No. shares__
25
Herring-Ha 11-Mar new. .100
93 10)
a Y 1st 6s 1911____J-J
Par value_________ 8213,290,650 $167,351,250 84,836,114,750 S3,881,132,925 N Y A E It Kerry s tk ...l0 0
Hoboken Laud A Imp. .100 - - - __ $1,244,100
$672,200
$6,600
837,200
103 105
Bank shares, par____
1st 5s Nov 1930. . .
1st 5s 1922.................M-N 50
57
Bonds.
Houston Gil...... ........... .160
■>9 100
7*2 3
N Y A Hob 6s May ’46.J-D
51,408,500
8238,000
82,000
81.192.000
Government bonds__
£0
Preferred . . ............ .100 55
Hob Ey 1st 5s 1916..A1-N 105*»
70,580,000
27,354,200 N Y A N J 5s 1946.........J-J 93 ____ Hudson Realty______ .100 ___ __ 710,000
3,102,000
State bonds_________
395,112,000
343,236,500 10th A 23d Sts Kerry... 100 25
16,259,500 12,458,500
lilt, and misc. bonds.
35
; Ingersoll-Rand com . 100 10.) __ _
58
Go
e Preferred............... 101; 100 ___
1st llUge 5.S 1919____ l-D
Total bonds............ $20,553,6001 $13,170,600
$467,190,600
$370,828,700 ■i Union Kerry stock____ 100 25
2/
Intercontinental Uubbci 100 271.] 27*2
luO
lnternal’l
Banking Co. .100 ___ 95
97
e
1st
5s
1920________
1I-N
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
International Nickel__ 100 245 255
EXCHANGES.
Preferred ............ ..... 101; 100 102
Short-Term Notes
1st g 5s 1932.............. A-0
99 .01
Amal Cop 53 Apr 1 1913.. 100*4 100*2
b . 7
International Salt........ .106
Philadelphia.
American Cigar—
Boston.
63
1st g 5s 1951.......... A-U J 48
Ser B 4s Mch 15 12..M-S 100 100*s
Week ending
80
100
international
Silver__
100
Listed
Unlisted
1
Bond
100*8
Unlisted
1
Bond
Balt
A
Ohio
4
45s
1913.J-D
*0038
Listed
June 30 19 li.
Preferred.................. 106 xl 15 120
shares.
shares. | sales.
Bethloh Steel 6s 1911..M-N loo-'s 100/8
shares. share.. | sales.
1st 6s 1918.............. J-l. 111 112
dies A Ohio 4*23 1914.J-D 99i| >J938
5,340
9,132
$13,000
99*2 994] Internet Smelt A Hefg. .100 122 128
5,415
$49,000 Cnlc A Alton 5s 1913..M-S
Saturday___________ 13,380
'9
n!)i, Internet Time Record. .100 300 350
6,078
62.500
5,551|
79,300 Cln Ham A 1) Is 1913__ J-J
8,237
Monday____________ 15,387
Preferred.................. .100 112 116
3,068
56.000
3,882
6,641
67,400 Erie 6s Apr 8 1914___A-Oj 1004] 10078
9,084
Tuesday........ ...........
Jones A Laughlin Steel Co
25.000
6,771
8,320:
33,497 Hudson Companies—
7,039
Wednesday_________ 12,432
1st s f g 5s 1939____ M-N 102 10212
(is Oct 15 1911...........A-0 10033 IDO-')
4,251
2,240’
44,385
53.500
3,991
Thursday__________ 13,467
35
40
6s Eel) 1 1913............F-A
5,632
93 - 9 3, a Lackawanna steel.'.. .100
2,691]
60,800
3,262
18.000
9,014
Friday ......................
9/4] 98*2
Int A Gt No 5s Tr Co ctfs
c 1st con 5s 1950___ 41-S 8|78 87
c Deb 5s 1915_____ M-S OP.] 9412
31,140
30,853; $334,382 1C C Ry A Lt 6s '12____M-5 92*2 94*2
35,543 $228,000
Total .................... 72,764
95*2
Minn A St L g 5s 1913..F-A
96*.| 9534 Lanston Monotype.__ 100 94
9y'>s 99/8 Lawyei'3’ Mtge Co........ .100 20; 272
d o Kan A Tex 5s May I 'l l
MoPaclOc 5s 1914 . . ..J-D
98*8 9838 Lob A Wllkes-B Coal.. ..5 0 ----- ___98
Nat ltys ot Mex 4 45s’ 13J-D
9a*2 e Lorlllard (P) pref----- 100 140 150
60
3 N Y O Lines Eq 5s 'l l - ’22 ■4*2% 4*4% Madison Sq Garden___ 100 50
All bond prices arc now "and interest’’ except where marked
2d 6s 1919............ . M-N 95 ___
4 45s Jan 1912-1925.......... 61*2% ■1*4%
N Y Cent 4 453 19 14 .__M-S 100*8 100*4 Manhattan Transit___ . 20 *3
84
Bid As*
Bid Ask N Y N II A H 5s Jan 1912 10U12 11)1
c May Dept stores__ _
84*2
Strcot Railways
Street Railways
10-,. 112 113*4
4 45s Mch 1 1912___ M S
e.Mlaml Copper— See Stock Kxch list
Pub Serv Corp N J (Con) —
New York City
PuoserveorpNJ 5s'13.A-0 lOOSjj 101
___
*10
..SO
15
21
Ncw’k Pas Ry 5s '30. .J-J 107
Bleeck St A Kill Ey stk. 100
SC L A S E 4 45s '12 op F-A 10) IOOI4 Monongaheta R Coal__
10*2
333.1
65
Rapid Tran St Ry— 100 230 240
65
Preferred____ _____ . .66 *33
5s Mch 1 1913..........Al-S
1st mtge 4s 1950......... J-J
984] 99*8
1st 5s 1921............ A-O 1U2 ___
140
5s Juno 1 1913 op t..J -D
991, Mortgage Bond Co___ 100 110 115
B'y A 7th Ave stk_____ 100 n o
99
X102
101
J
C
Hob
A
Pater3on
Kill
South Ry g 5s 1913___ F-A IOOI4 10038 Nat Bank of Cuba........
99 lol
2d mtge os 1914..........J-J
77
4s g 1919............ M-N 76
1'ldewator 6s, 1913, guar . . 101*: IOD'n e National Surety____ 106 240 24712
Con 5s 19' — See Stock Exc list
So J Gas El A Trac_. .100 134 108
Nev-Utah Min A Sm__ -.16 * l l ia
Wabash 445s 1913___ M-N
B’ way Surface 1st 5s gu 1924 lOlL 103
96
97
34
9914
M-$
60
Gu g 5s 1953____
91)
Ccnt’l Crosstown stock.. 100
West Telep A T 5s '12 F-A 100*4 100*2 e New Central Coal___ . 26 30
85
No Hud Co lty Gs 1911 J-J 101 - - - - Wostlngh’se El A M 0s 1913 1013S IOIEj N Y Air Brake (is—See Stock Exo list
1st mtge 6s 1922___ M-N / so
10
20
5s 1928................ .J-J 102 ___
Cen Pk N A E Rlv stock. 100
c5% notes Oct 1917-A-O 95
97*2 e New York Dock........ .100 ___ 25
Ext 53 1921.......... M-N 95 ___
e P refcrred .............. .100
68
ChTlstoph’l A 10th St stk 100 100 115
Pat Ry con 63 1931. J-D 114 - - - N Y Mtge A Security.. .100 218 222
Col & 9th Avo 5s—See Stock Exc list
Railroad
*4
2d 03 opt 1911... A-0 IOU3 103
5
N Y Transportation__ ..2 0
Dry Dock E B A B—
Chic Peor A St L—
C0>2 101U So Side El (Cnlc)—See Ch tcago list
Nlles-Bem-Pond com .. .100 r2
97
1st gold 5s 1932.......... J-D
Prior lien g 145s '30.M-S / 91*2 94
40
Syracuse R T 53 1916 .. Al-S 101 103
Nlplsslng Mines______ . . . 5 *xl0
1011
Scrip 5s 1914.......... ..F-A / 30
Con mtgc g 5s 1930...J-J
l’rent P A II 5s 1913.. .J-D
96 luO
-.10
Eighth Avenue s to ck ... 100 250 310
Income 5s, July 1930___
13.1
United Rys of St L—
Scrip 6s 1914............ F-A / 98 uw
Chicago Subway.............100
34s 37s Ontario Power Co—
10
10*2 Northern Securities Stubs.. 100 103
Com vot tr ctfs........ .100
1st g 5s 1)43 op t__ .F-A 90G 98*2
42d A Or St E’y stock.. 100 200 225
1»:
.
100
.100
38*2
e
Ontario
Sliver............
e Preterred ..............
33.J Pitts Bess A L E...............50 *34
36
2*4
42d St M A St N A ve.-.100
75
Otis Elevator com........ Mill 72
60
Gen 4s 1931—See Stock Exu list
Preferred.....................5 6 *66
70
2d Income 6s 1015— J-J / 40
Preferred . ............. .106 102 104
Unit ltvs San 8 ran—See Stk Exc list
a Railroad Securities Co—
Intor-Met—See Stock Exch ange list
..60
*1938
Pittsburgh Brewing—
Wash lty A El Co........ . 100 3412 35*2
111 C stk tr ctls ser A__ 52
SO 95
DJi*
Lex Av A Pav E 5s—See Stk Exc list
Preferred.................. 6(1 *42> 43
Preferred__________ I0U 887, 89)4 Seaboard Company—
Metropol St Ry—See Stk Exc list
c Pittsburgh Steel pref. .100 103 ; 100
4a 1951...................... J-D 8-14] 85*8
88
1st preferred...............100 80
Ninth Avenue stock___ 100 150 175
Pope
Mfg
Co
com____
63
. 100
9
13
66
Com A 2d pref—-See Bai & Exc list
Second Avenue stock— 100
48
Preferred.................. .100 75
Consol 5s 1018_____ .F-A f 42
West Pao 1st 5s 1933..M-S 92*4 9234
77
Gas Securities
Pratt A Whitney pref. .100 10212 105
e Sixth Avenue stock — 100 120 ■28
7a
Producers o il................ . 100 90 110
65
New York
Sou Boulev 5s 1945----- J-J
Industrial and AVisccI
10
70
Cent Un Gas 5s 1927__ ..J-J 101*2 103
Adams Exp g ts 1917..J-D 87
Bo Per 1st 5s 19191........ A-O
S7*2 eRay Consol Copper— See S tk Ex 11s)
Con Gas (N Y)—Sea Stock Exc list
Realty Assoc (Bklyn).. . 100 n o 114
Ahmeek Mining______ ...2 5 *165 1/5
Third Avenue UR—See Stk Exc list
81) 0 Mutual Gas................ .100 179*2 184
Tarry W P A M 5s 1928.. / 60
Alliance Realty............... 106 125 130
Royal Bak l ’owd com .. .100 190 195
New Amsterdam Gas —
American Book............... 106 163 170
Y ’kers St UR 5s 1946 A-O SO 86
Preferred................ .100 xl00*2 10)
21
1st consol 5s 1918__ .J-J 1014] 102-4] American Brass............... 106 121 12512 Safety Car Heat A L t.. .100 118*2 119*2
28th A 29th Sts 5s ’96.. A-0 f 15
X 1&
GiVS 1st 03 44 J-J 10434 106
American Chicle com__ 100 2(5S 230
Seneca Mining.............. _ 2/j * ___ ____
Twenty-third St stock.. 100 191) 215
Con301 5s 19 to.......... -J-.J 1014] 101
Preferred.....................100 105 103
Singer Mfg Co.............. . 100 275 190
Union Ry 1st 5s 1942__ E-A l()13j 101
2
N Y A Richmond Gas. - 100 40
5
50
5
70
Sou til Iron A S com__ . 100
Westchc3ter 1st 5s ’43 J-J 06
Am Graphophono com .. 100
6
Nor Un 1st 5.3 1927___ M-N 100 102
10
Preferred...... ..............100 25
Preferred.................. . 100
30
e Standard Gas com__ . 100 7 ) ___ Amer Hardware............. 100 136 137
Standard Cordage........ . 100 ___
Brooklyn.
*4
05 ___ Am Malting 63 1911___ J-D 10 ) 102
17
c Prefo red .............. .100
1st M g 5s ’31 red.. .A-U / 15
Atlan Avenue UR—
Adjust M C)HApr 1 1931-- / 1
3
1st 5s 1930................ M-N 106 107
Amer Press Assoc'n___ 100
95 100
Con 5.s g 1931............ A-O io u 2 103
42
45
Standard Coupler com. .106
Am St Pound now—See S tk Ei lint
B U A W E os 1933___ A-O
98 102
6s 1935...................... A-0 103 105
Preferred .................. . 100 105 115
Other Cities.
Brooklyn City Stock........ 10 165 n o
16*.] 171*
eStaudard Milling C o.. .100
Deb 4s 1923.................F-A
Am Gas A Elec com__ ..50 *55*2 56
63
Con 63—See Stock Excii .11use list
70
64
e Preferred------------- .100 52
Bklyn Hgts 1st 5s 1941 A-O 93 102
Preferred................ . ..5 0 0.13*2 44*2 American Surety...............50 28 ) 285
90
c 1st 5s 1930---------- M-N 87
Amer Light A T ra ct... . 100 295 297
Bklyn Queens Co A Sub—
American Thread prel___ 5 *434 51.|
93 101
Standard oh ot N J ----- . 106 632 040
Preferred.................. .100 106 107
e 1st g os ’41 op 1916 .J-J
Am Tobacco Co com___ 100 397 100
663.1 U7*.|
Studebaker Corp com. .100
52
e 1st con 5s ’41 op ’ 16 M-N 97
99
Bay State Gas........ ..... ..50
55
«8
*2 Amer Typef’ders com__ 106
Preferred.................. . l()t' 106 107
Bingh’ton (X Y) Gas Wks
Bklyn Rap Tran—See Stock Exc Wat
Preferred.....................106 100 102
Sulzberger A Sons c o p -10!) 100*2 IOU2
£0
Coney Isl A Bklyn-------100
05
1st g 5s 1938............ A-O 98 100
Dob g 6s 1939.......... M-N
1:9 100
A.
8.J
Jc Co—S:‘c Boston Stk Exc list
78
1st cons g 4s 1913___ J-J
Brooklyn U11 Gas—See Stk Exc list
Amer Writing Paper___ 100
U80
75
1st 5s. See Chicago Stk Exc list
Con g 4s 1955............... 1-J
Buffalo City Gas stock. . 100
3
ePrefcrred—See Stock Ex ch’go list
4*2
Texas Company—See Stock Exc list
1st 5s 1917—See Stock Exc list
Brk C A N 5s 1939...J-J 98 101
else s f g 5s 'lured 105J-J 90*2
Cities Service Co_____ .100 63*2 71
e. Toxus A Pacific Coal. . 100 18 102
Kings Co El 4s—See Stock Exc list
Atl Gif A W 1 SS Lines.. 100 llllo 11
Title Ins Co of N Y .. .. .100 125 135
Preferred............ ..... .100
78
Nassau Elec pref______ 100
l ’relerred.....................100 21
22
7912
Tonopoh Min (Nevada)__ 1 *51* £3|
92
53 1911................. .. A-U 103 105 Con Gas of N J 5s 1910 .J-J
Col tr g 5s 1959..........J-J
97
70
71
4
Trenton Potteries com. .100
Consumers’ L II A Pow —
8
1st is 1951—See Stock Exc Il3t
Barney A Smith Car___ 100 «20
30
Preferred new .......... . 101! 50
5s 1938.......... ......... .J-D 10!)
15
Preferred.....................100 7)80
90
65
N W’b’g A Elat 1st ex 4J-sjs 92
Trow Directory............ .10(1 25
Denver Gas A Elee___ .100 200
Steinway 1st 63 1922___ l-J 100 105
Bliss Company com___ 60
35
7.) 105
Gen g 5s 1949 op___ M-N 92l2 94
sUndcrw’d 'Typewriter —See StkR/ x list
Preferred...................... 50 I ll 126
Elisabeth Gas Lt Co__ .100 30.)
Other Cities
421» 44
247*2 252*2 Union 'Typewriter com. .100
Essex A Hudson Gas.. .100 140 145
1st preferred............ . 101! 108 113
Buffalo street Ry—
125 120
(las A El Bergen C o ... .100
2d preferred___
1st consol 5s 1931___ F-A 104 105
83
84
.100 103 105
X I0<>*2 108*2
*47S 4*4 United lik Note Corp.. . 50 *50*4 51*4
e Gr Rap 1st 5s 1915 . . .F-A
99 101
British Col Copper____
.
Deb 63 1 9 1 7 ........... A-C 104 105
20
814] S321,] Hudson Co Gas____ _ . 100 137 140
Preferred........ .. . . . 60 *52*2 5312
Columbus (G) St Ry___ 100
Butte Coalition Mining, lc *19
2
Preferred ....................10C
36
91 S9-14 Indiana Lighting Co__ . 100 33
*l2 Unite;! Cigar Mfrs........ _ 100 561; 58
Is 1958 o p ............... .E-A
40
53
68
Colum Ry con 53—See Phi la list
Preterred .
70
e Preferred........ ....... . KH 103 106
Casualty Co 1
Cro3st’n 1st 5s 1933..J-D 1014] 1021 • Indianapolis Gas........ . ..5 0
125 *40
18
2*4 3
United Copper.............. .101
1st g 5s 19o2............ A-U 77
131 135
14
Celluloid Co.
a Conn Ry A Ltg com__ ion
82'
18
Preferred_________ .101
73*2 74<2
Jackson Gas 5s g 1947. A-O / 96 100
e Preferred ................100
5
10
82
80
U S Casualty................ . KH 215
70
e Laclede Gas—See Stock E xch II 3t
1st A ref 4 —See Stock Exc list
15
40
U S Envelope com___ Mil
75
c Preferred............... -100
Grand Rapids Ry pref.. 100 82
85
700 800
Preferred................. . 101 115 n o
92
a Loulsv St 53 1930........ J-J 11)54] IOOI4 Madison Gas 6s 1926.. .A-O 103 108
x Exc list
J S Elnlshlng.............. . 100
97
Lynn A Bos 1st 53 1924.J-D 106 107
Newark Gas Cs 1914— .Q-J 127 129
Preferred ................ .101 105 no
57
City Investing C o..
60
321o
Newark Consol Gas----- .101! 97
a New Orl Rys A Lgt__ 10U
99
1st g 6S 1919.......... __J-. 100 105
Preferred______
98 100
0 Preferred........ ......... 100
711>
e Con g 5s 1943........ .J-L) 101
96 100
e Clatltn (II B) com.
Coil g ->J 1929.......... ..J-.
95 160
23
e U S Indust Alcohol . .101
Gen M g 4 <Es 1935—See s tk Ex list No Hudson L II A Pow
29
91
95
aPub Scrv Corp of N J—See Stk E XI 1st
e Preferred________ .lot
93
5s 1938.................... .A-0 100
e 2d preferred.
92
O'JTj
Tr ctfs 2% to 6% perpet 106*2
Pncltlo Gas A E, com .. .100 634] 6434
U S Steel Corporation—
___
Col tr g 5% notes *13 A-0 10()5S 101
8/
88
Col tr s f 5s 1951 opt ’ l l
Preferred.................. . to o
1133 lH ij
/ 45
76
North Jersey St R y._loo
Pat A Pas Gas A Elec. .100 92
94
Cot tr s f 6s '51 not opt.. 1133. 114*2
60
/ 45
75
1st 4s 1918............ 51-N
e Con g 5s 1949----- .51-a 101 103
U S lit Gu A Indem.. .101
77*2 7 )
66
00
04
Cons 'Tract of N J___ 100
91
94
3t Joseph Gas 5s 1937 . j - j
Westchester A Bronx Title
76
78
Consol Rubber Tire.
3
4
1st 6s 1933______ J-D 104*" 105*2
A Mtge Guar.......... .106 100 160
29
25
*
Westlngli'so Air Brake . 66 *X47*; 150
/ 43*2 45
_______________________________ _____________________ _________________ ____________________________ _____________ Worthing
.11 mtu.-.v h n
i. Miup
Bumpprci.ioo
pref. 10C lea
106 110
no
* Per share. 0 Basis. 9 Sells on Stook Exchange, but not very active. / Flat price, n Nominal, t Sale price. iN e w sto o u . z E x-dlv.
k Ex-rights,

Volume of Business at Stock Exchanges

Outs.de Securities




__

Bid 4s*
Electric Companies
Chicago ladison Co—See C cago list
3734 88*4
Gr’t vVest Pow 5s 1910..J-J
e Kings Co El I, A P Co. 106 125 128
.
Narragan (Prov) El Co__ 50 **83
56
N Y * Q El L A Pow Co. 100 53
73
76
Preferred
........... ..10i.
92
United Electric of N J___10i: 87
1st g 4s 1949________ J-D 7 4] 79*2
54
Wostern Power com____100
35*2
62
04
Preferred___________100

35

THE CHRONICLE

J u l y 1 1911.1

^ u o e a titte u t

an cl

iia ilc o a c l

RAILRO AD

GROSS

in te llig e n c e .

EARNINGS.

•

T h e fo llo w i n g t a b le s h o w s t h e g r o s s e a r n in g s o f e v e r y S T E A M r a ilr o a d f r o m w h ic h r e g u la r w e e k ly o r m o n t h l y r e t u r n s
o b ta in e d .
T h e first t w o c o l u m n s o f fig u r e s g i v e th e g r o s s e a r n in g s f o r t h e l a t e s t w e e k o r m o n t h , a n d t h e la s t t w o
c o lu m n s th e e a r n in g s fo r t h e p e r io d f r o m J u l y 1 t o a n d in c lu d in g s u c h l a t e s t w e e k o r m o n t h .
W e ad d a su p p le m e n ta r y
s t a t e m e n t t o s h o w th e fis c a l y e a r t o t a l s o f t h o s e r o a d s w h o s e fisca l y e a r d o e s n o t b e g in w it h J u l y , b u t c o v e r s s o m e o t h e r
p e rio d .
The returns oj the electric railways are brouyht together separately on a subsequent page.
______________________

can b e

Latest Gross Earnings.
ROADS

Current
Year.

Week lr
Month.

Previous
Year.

Current
Year.

3
S
5
292,271
288,859 3,332 706
132,895
136,374 1,050 485
102,077
113,170 1,385 093
9,002
100 284
7,523
41,690
34,529 1,910 391
8,783,037 9,091,484 19,223 690
46,842
45,200 2,741 394
2,835,442 2,812,401 20,702 012
7,518,036 7,777,710 80,683 295
113,118
97,815 1,227 300
231,980 2,896 065
257,118
3,504,661 3,539,685 7,072, 239
43 271
3,610
3,236
191,708 212,896 8,925, 011
191,771 2,168 691
213,085
299,600 14,729, 500
361,500
2,065,000 1,926,000 100680 101
198,000 12,613. 282
199,200
2,457,832 2,481,540 24,105, 213
321,173 311,111 3,271, 978
804
609,072
594,274
338,306 284,258 14,215, 413
6,423,311 6,803,594 74,328, 217
268,597 258,921 2,362, 53
121,440 6,016, 944
122,167
4,771,763 5,480,330 54,753, 053
1,131,599 1,292,899 12,081, 784
5,955,840 0,077,305 68,516, 340
1,185,300 1,168,593 14,874, 405
137,524
173,352 1,86 712
783,171 8,733, 701
810,203
121,666
181,282 1,621, 707
237,388
297,581 15,465, 182
55,292
521, 367
03,415
16,929
15,673
152, 702
22,424
275, 842
30,891
301,183
278 594 2,529, 189
1,754,927 1,756,841 17,384, 388
3,110,664 3,079,225 32,737, 003
428,600 459,700 22,779, 933
23,248
22,520
955, 556
27,802
38,041 1,752, 830
20,361
24,459 1,144, 441
269,349
425,675 5,805, 519
69,701
75,185 3,072,,555
617,865
698,064 6,034, 539
4,834,975 4,500,138 51,740, 311
1,848
1,779
2 1 ,,528
89,308
864, 420
79,911
242,260 245,745 2,701, 845
982,414
931,844 43,968, 145
119,774 5,066, 585
111,477
44,037
43,701 1,964, 123
45,570
39,599 1,854, 885
4,991,764 5,708,014 55,651, 450
169,018 1,685, 010
160,151
480,578
434,261 0,021, 715
5,062,271 4,658,337 56,629, 380
149,000 8,892, 706
139,000
205,435 8,590,,120
180,871
73,816 3,437.,092
71,079
195,572 2,508 ,9121
213,922
794,775 888,920 9,353 ,741
149,583 1,722 ,288
126,966
3,519,574 3,180,360 33,999 ,731
427 ,285
45,150
48,944
A p r il_____
113,248
122,157 1,209 ,180
88,929
95,878 1,017 ,558
Loulsv Hend A St I A p r il.........
3d wk June
923,235
981,410 52,651 ,312
A p r il_____
133 ,209
10,378
9,005
700,535
697,894 7,470 293
Maine Central------- A p r il_____
404 ,730
39,417
33,895
Maryland A Penna May _____
1st wk June
152,200
167,700 7,997 ,700
3d wk June
724 ,678
12,797
13,940
Mineral Range—
3d wk June
102,355
135,088 4,988 ,135
448,717 21,357 ,105
Minn St P A S S Ml 3d wk June 438,567
Chicago DI vision J
A p ril_____
74,135
709 369
77,215
3d wk June 480,307
460,270 28,223 064
3d wk June 986,000
983,000 51,011 036
970,625 10.311 117
Nashv Ghatt A St I A p r !'_____ 1,026,779
3d wk June 1,268,655 1,402,404 59,959 ,524
8,426
3d wk June
331 ,026
7,452
8,214
A p r il_____
71 ,678
2,402
139,240
A p r il-------146,431 1,409 ,307
30,758
Wk Jun 10
31,030 1,711 ,306
May _____ 8,446,205 8,332,291 92,000 994
May -------- 3,911,375 1,037,408 44,500, 157
435,702 415,140 5,059, 991
May _____
315,992
273,213 3,394, 233
May _____
2,337,916
2,354,760 27,372, 037
M
a
y
_____
Michigan Central
Clove C O A St L. M a y _____ 2,444,884 2,321,093 28,218, 330
269,257 282,087 3,206, 375
M a y _____
92,195
98,515 1,140, 100
May _____
M a y -------- 1,235,078 1,525,159 14,383, 023
877,445 898,878 10,226, 507
N Y Chic A St L M a y _____
Tol A Ohio Cent .May _____
373,434 430,300 4,006, 887
M a y _____ 20739 483 20968 970 187386, 825
May _____ 5,179,669 5,391,264 50,580 574

Ala N O * Tex P acN O & Nor E ast.
Ala * Vicksburg.
Vicks Shr & P ao.
Ala Term & N orth.
Ann A rbor________
Atch Topeka & S Fc
Atlanta Birin & Atl
Atlantic Goa.it Line
a Baltimore & Ohio.
13 & O Ch Ter 11H
Bangor A Aroostook
Boston & Maine___
Bridgeton & Saco It
Bull ltoch & Pittsb
Buffalo & Susq___
Canadian Northern
Canadian Pacific___
Central ot Georgia.
Central ot New .Jer.
Central V erm on t..
Ches & Ohio Lines
Chicago A A lton—
Chlo Burl A Quincy
p Chlo Great West
Chic Ind A Louisv.
Chlc Mllw A St Paul
Ch MU A Pug S d .
Chic A North W est.
Chic St Paul M A O
Chlo T II A South E
Cln Ilam A Dayton
Colorado M idland..
Colorado A S ou th ..
Copper Range-------C o rn w a ll............. ..
Cornwall A L cb a n ..
Cuba Railroad_____
Delaware A Hudson
Del Lack A W e st..
Denv A R io Grande
Denver N W A Pac
Detroit Tol A Iront
Detroit A Mackinac
Dul A Iron R ange. .
Dul Sou Shore A Atl
El Paso A Sou West
E r i e ________
Fairchild A N E . . .
Fonda Johns A Glov
Georgia Railroad . .
Grand Trunk Syst.
Grand Trk W est.
Det Gr II A Mllw
Canada A tlantic.
Great Northern Syst
Gult A Ship Island.
H ocking Valley-----Illinois C entral-----Intermit A Gt Nor
a Interoceanlc Mex
Iowa Central_____

May _____
May _____
M a y _____
A p r il_____
3d wk June
May _____
3d wk June
A p r il_____
May _____
A p r il_____
Alay _____
A p r il_____
A p r il_____
3d wk June
May _____
3d wk June
3d wk June
3d wk June
A p r il.........
April_____
3d wk June
3d wk June
A p ril_____
3d wk June
3d wk June
A p r il_____
A p r il_____
M a y -------May _____
May _____
May _____
A p r il_____
3d wk June
.March____
May .........
A p r il_____
A p t l '_____
A p r il_____
May _____
3d wk June
4th wk.May
3d wk June
3d wk June
A p r il.........
3d wk June
May _____
M a y _____
M a y _____
■May _____
April ____
3d wk June
2d wk June
2d wk June
2d wk June
May _____
A p r il____
A p r il_____
May _____
3d wk June
3d wk June
3d wk June
April
Kansas City South M a y _____
IC C Mex A Orient. M a y _____
Lehigh Valley

Latest Gross Earnings.

July 1 to Dates'. Date.
Previous
Year.
S
219,745
504,457
333,256
70,428
826,386
534,165
521,231
198,598
812,497
047,418
703,501
082,149
42,595
,735,988
,011,490
,448,800
,687,557
,773,591
,314,933
,144,150
,539,970
,099,401
,951,390
,839,023
,849,961
,974,705
,598,873
,810,086
,678,089
,615,502
,968,642
,297,453
560,383
186,318
364,730
,100,737
,586,180
,811,824
,804,353
882,815
,558,936
,195,684
,235,298
,217,323
,769,955
,197,299
23,207
825,460
001,254
592,714
912.276
909,504
938,579
407,432
,781,276
373.277
700,123
,351,131
,352,637
,302,110
,278,470
,863,194
,606,422
,915,051
374,403
,094,140
992,444
,156,419
128,762
,401,426
376,707
,580,500
804,475
,845,295
,377,061
737,803
,916,830
,082,887
604,447
,071,930
437,929
50,230
,198,920
,579,385
,171,797
,385,222
,024,577
,482,572
,419,574
,932,393
,003,171
,137,473
,733,288
,035,310
,971,073
1423 078
,265,485

R O A D S.

Week or
Montli.

N Y Ont A Western M a y _____
N Y Susq A W e s t .. M a y _____
Norlolit S ou th ern .. A p r il.........
Norfolk A W estern. A p r il_____
Northern Pacific___ A p r il_____
Pacific Coast C o___ A p r il_____
Pennsylvania R R__ May _____
Balt Ches A A tl. M a y _____
Cumberland Vail. May ____
Long Island_____ M a y _____
Maryl’d Del A Va May _____
N Y Phlla A Norf M a y _____
Northern Central. May _____
Phlla Balt A W _ . May _____
W Jersey A Scash M a y _____
Pennsylvania Co__ M a y _____
Grand Rap A Ind M a y _____
Pitts Cln Ch ASt L M a y _____
V a n d a lla _______ M a y _____
Total lines______
East Pitts A E . M a y _____
West Pitts A E M a y .........
All East A Wes M a y _____
Pcrc Marquette____ M a y _____
Raleigh A Southport M a y _____
Reading Company
Phlla A R eading. M a y _____
Coal A Iron C o .. May _____
T otal both cos___ May _____
Rich Fred A Potom A p r il.........
Rio Grande June___ A p r il_____
Rio Grande S o u th .. 3d wk June
R ock Island L in e s .. M a y _____
R u tla n d ___________ A p r il_____
St Jos A Grand Isl. A p r il.........
St Louis A San Fran A p r il_____
Chic A East 111.. A p r il.........
/ Evansv A Ter H A p r il.........
Total all lines___ A p r il.........
St L R ocky Mt A P . A p r il.........
St Louis Southwest. 3d wk June
San Pod L A A S L . A p r il_____
Seaboard Air L in e .. .'id wk June
Southern Pacific Co May _____
Southern R a ilw a y .. 3d wk June
Mobile A O hio___ 3d wk June
Cln N O A Tex P . 3d wk June
Ala Great South. 3d wk June
Georgia Sou A Fla 2d wk June
Tcnn Ala A Georgia 2d wk June
Texas A Pacific____ 3d wk June
Tidewater A W cst. A p r il.........
Toledo Poor A West 3d wk June
Toledo St L A West 3d wk June
T om blgocc V alley..I A p r il.........
Union Pacific SystJ M a y _____
Vlrglnla A So W «stJ M a y _____
W a b a sh ___________ 3d wk June
Western M aryland. A p r il_____
Wheeling A Lake E A p r il.........
W ichita Falls A NW M a rch ____
W rlghtsv A T e n n .. [May .........
Y azooA Miss Valley IM a y _____

Current
Year.

Previous
Year.

Previous
Year.

791 ,108
340 481
261 831
2,836 584
5,008 952
627 ,805
13240 ,683
21 ,621
234 ,597
951 ,070
9 ,764
297 .098
1,102 ,313
1,655 820
511 229
4,120 104
358 ,706
3,106 ,196
771 293

752,985
280,241
240,706
3.085.330
6,186,156
017,310
13411,316
27,487
273,358
897,380
10,740
317,122
1,035,916
1,711,310
477,969
4,810.021
412,010
3,308,530
825,265

19208,372
8,722,673
£7931,045
1,281,126
15,900

19 11,1.000
9,717,272
29135.331
1,322,130 14,644,094 14,696,030
146,181
101,524
12,000

4,061,254
2,956,714
7,017,968
237,484
75,144
9,458
5,155,627
273,958
129,930
3,172,880
923,263
190,390
4,286,533
167,228
199,609
773,345
381,092
10610022
1,023,035
199,796
163,404
75,131
38,599
2,637
233,988
8,578
21,757
83,452
7,824
6,963,095
126,386
607,451
589,789
533,697
67,876
18,670
809,566

4,025,723
2.983.331
7,009,054
239,410
81,177
12,983
4,931,411
254,661
120,634
3,189,471
737,747
174,762
4,101,981
106,044
204,374
296,179
367,120
11459127
1,034,879
208,209
181,191
81,512
39,071
2,194
270,319
7,218
19,792
83,019
7,163
7,535,249
87,078
585,368
656,086
468,939
24,305
17,682
832,432

Period.

Various Fiscal Years.
Jan
Jan
Jan
Jan
Ian
Jan
Michigan Central__
Jan
Jan
Jan
Jan
Jan
Toledo A Ohio Central--------- Jan
Total all lines----------------------Jan
Jan
Cumberland V alley.
Long Island_______
Jun
N Y Philadelphia A N orfolk. Jan
Northern Central___________ Jan
Jan
W est Jersey A Seashore------- Ian
Pennsylvania Company________ Jan
Jan
Grand Rapids a Indiana—
Pitts Cincln Chic A St Louis.. Jan
V an d alla___________________ Jan
Jan
Jan
Jan
Dec
Rio Grande Junction.
R u t la n d ____________
Jan
Texas A P acific_____
Delaware A H udson.

July 1 to Latest Data.

Current
Year.

1
1
1
1
1
1
1
1
1
l
1
1
l
1
1
1
1
1
1
1
1
1
1
1
1
1
1
t
l
1
1
1

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

S
8,497,
3,556,
2,439,
29,710,
54.760,
6,524,
114312,
244
2,781.
9,120
119
3,073
11,862,
17 440,
5,582
46,613,
4,095,
35,824
9,020

S
7.785,924
3,180,068
2,210,713
29,009,258
61,191,357
6.51 1.2 01
146.536218
238,535
2,704,765
8,488,788
115,808
3,007,427
11,716,597
16,510,159
5,077,904
48,315,890
4,686,260
30,293,416
8,900,444

41,841, 579
32,212, 429
74,054, 008
1,923 908
823, 523
545 603
62,347 073
2 838, 040
1,430 070
30,540 078
10,461 985
2,231 ,678
40,234 641
1,778 072
11,610 062
6,700, 968
21,197 550
122139 802
58,801 ,130
10,885 ,445
8.930 ,720
4,359 ,458
2,282 ,999
81 ,003
15,499 ,826
72 .603
1,247 ,097
3,089 ,369
74.474
81,855 506
1.201 017
9,143 ,774
5.930 ,036
5,630 ,965
848 ,546
311 ,707
10,087 ,008

41,488,367
31,239,235
72,727,003
1,855,625
881,019
529,575
60,179,709
2,634,194
1,377,156
34.849,884
10,030,316
2,058,381
46,938,582
1.010,390
10,730,523
5,300,684
19,000 275
123728194
55,961,253
10,353,075
8,824,037
4,095,099
2,231,819
77,003
15,411,638
07,443
1,136,009
3,704,745
70,839
82,719,139
1,105,607
28,147,133
5,844,353
5,711,544
200,599
287,009
0,455,117

Current
Year.

Previous
Year.

30 56.622 323 S6.284, 997
31 39,963, 315 38,576,707
31 18,793, 070 19,519,334
31 2,117, 546 2.147.930
31 1,580, 324 1,685,944
31 11,664, 628 11,594,479
31 11,970, 595 11,782,675
31 1,322, 007 1,312,068
484,415
411, 790
31
i 5,614, 845 6,670.983
31 4,437 214 4,630,583
31 1,682 589 1,060,055
;n 99,593 989 100071,773
May 31 02,403, 093 65,124,287
84,531
80 00
Alay 31
31 1,145 382 1,228,353
Alay 31 3,659 428 3,408,400
37,738
38 018
May 31
Alay 31 1,299 ,740 1,332,358
Alay 31 5,202 ,138 5,122,168
Alay 31 7,480 ,980 7,412,157
Alay 31 2,02 5 ,255 1,909,670
Alay 31 18,210 577 20,547,550
Alay 31 1,969 032 2,018,198
Alay 31 14,951 611 16.432.930
Alay 31 3,973 710 4,004,894
Alay 31 87,917 544 90,427,277
May 31 10,881 ,427 44,073,718
Alay 31 128798 971 135100 993
389,794
April 30
345 ,393
901.820
974 557
Juno 21 6,554 .697 7,009,153

April
May
May
May
May
Alay
May
May
May
Alay
May
May

AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
Weekly Summaries.

Cur'nt Year Prev’ s Year Inc. or Dec.

%

Monthly Summaries.

Cur'nt Year Prev's Year Inc. or Dec.

%

Mileage Curr. Yr. P rev.Y r.
3
5
$
239,404 54,005,972 235.726,000 + 18,279,972 7.05
A u g u s t ____238,493
— 141,183 1.06
2d
weekApril (44 r o a d s ) . ... 13.172,553 13,313,736
S e p te m b e r.. 2 40,678 237,809 250.647,702 2 46,335,580 + 10.312,116 4.49
+ 37,237 0.28
3d
week April (45 roads). . . . 13,438,037 13,400,300
237,835 263,464,005 260,821,546 + 2.643,059 1.01
O c to b e r ____241,215
4th weekApril (42 r o a d s).. . . 16,302,363 17,827,550 — 1,525,187 8.61
+ 994,650 0.50
237,545 248,559,120 247,564,470
N o v e m b e r.. 241,272
— 354,080 2.71
1st weekMay (45 roads)------ 12,740,745 13,095,725
December . . 2 11,364 238,080 230,835,304 220,870,151 + 15,965,153 7.23
— 300,700 2.29
2d
week May (44 roads)------ 12,804,714 13,105,414
238,866 215,057,017 210,808,247 + 4,248,770 2.01
J a n u a r y ___242,479
— 508,342 3.84
3d
week May (42 roads)------ 12,714,017 13,222,359
F ebruary___242,640 238,603 199,035,257 202,492,120 — 3,456,863 1.78
+ 39,352 0.21
4th week May (47 r o a d s ) . ... 19,068,495 19,029,243
M a rch .......... 242,686
238,941 226,997,481 238,330,609 — 11,339,128 4.78
— 206,301 1.57
1st week Juno (13 roads)------ 12,949,549 13,155,850
A
p r i l ............ 230,793 233,08 215,799,079 223,245,128 — 7,446,049 3.3S
13,444.268
—
330,747
2.40
13,775,015
2d
week Juno (43 roads)____
+ 658,651 1.01
M a y .............. 87,422
85,734 63,174,606 62,515,955
— 111,215 0.81
3d
week Juno (41 roads)____ 13.605,015 13,710,230
a Mexican currency, e Inolu.lo3 the Now York A Ottawa, the St. Lawrence A Adirondack and the Ottawa A N. Y . R y „ the latter of whtohj
being a Canadian roa 1. does not make returns to the Intcr-Stato Commerce Co nmlssion. / Includes Evansville A Indiana R R . a Includes the curve*
land Lorain'A Wheeling R y. In both years, n Includes the Northern Ohio R R . P Includes earnings ot Mason City A H . Dodge and^Wlsconsln Minno«
iota A Pacillo. s luoludes Louisville A Atlantic from July 1 1909 and the Frankfort A Cincinnati from N ov. 1 1909. t Includes
" *the Mexloan Inter*
"
national from July 1910. u Includes tho Texas Central In 1911.




36

THE CHRONICLE

Latest Gross Earnings by Weeks.

— I n t h e t a b l e w h ic h
fo llo w s w e s u m u p s e p a r a t e ly th e e a r n in g s fo r th e th ir d
w eek o f J u n e.
T h e ta b le c o v e r s 41 ro a d s a n d sh o w s 0 . 8 1 %
d e c r e a s e in t h e a g g r e g a t e u n d e r t h e s a m e w e e k l a s t y e a r .

Third week, o f June.

1911.

A labam a Great Southern______
A nn A rb or____________________
A tlanta Birmingham & A tl____
Buffalo Rochester & P itts_____
Canadian N orthern____________
Canadian Pacific_______________
Central of Georgia_____________
Chesapeake & O hio____________
Chicago & A lton _______________
Chicago Great W estern ________
Chicago Ind & Louisville______
Cine New Orl & Texas P a c ific ..
Colorado & Southern__________
Denver & R io Grande_________
Detroit & M ackinac___________
Detroit Toledo & Iron to n ______
Duluth South Shore & Atlantic
Grand Trunk of Canada_____
Grand Trunk W estern____
Detroit Gr Hav & Atilw___
Canada A tla n tic......... ........
International & Great Northern
Intcroceanlc of M exico_______
Iow a Central_________________
Louisville & N ashville_______
Mineral R ange______ _________
Minneapolis & St Louis_______
Minn St Paul & S S M _________
Chicago D ivision___________
Missouri Kansas & T exas_____
Missouri Pacific_______________
M obile & O h io.............................
National Rys o f M ex ico ______
Nevada-Callfornla-Oregon ___
R io Grande Southern_________
St Louis Southwestern_______
Seaboard Air L in e ____________
Southern R ailw ay____________
Texas & Pacific................ ..........
Toledo Peoria & W estern_____
T oled o St Louis & W estern____
W a b a sh .______ ____________
T otal (41 roa d s)___
Net decrease (0 .8 1 % ).

1910.

Increase. Decrease.

s
75,131
41,690
64,842
191,708
361,500
2,065,000
199,200
594,274
338,306
268,597
122,167
163,404
237,388
428,600
20,361
27,802
69,701

$
81,512
34,529
45,200
212,896
299,600
1,926,000
198,600
609,072
284,258
258,921
121,446
181,191
297,581
459,700
24,459
38,041
75,185

982,414

931,844

139,000
180.871
71,079
923,235
12,797
102,355
438,567

149,000
205,435
73,816
981,410
12,940
125,088
448,717

480,307
986,000
199,796
1,268,655
8,426
9,458
199,609
381,092
1,023,035
233,988
21,757
83,452
607,451

460,270
983,000
208,209
1,402,404
7,452
12,983
204,374
367,120
1,034,879
270,319
19,792
83,619
585,368

20,037
3,000

13,605,015 13,716,230

387,349

5
7,161
1,642
61,900
139,000
600
54,048
9.676
721

$
6,381
21,188

14,798

17,783
60,197
31,100
4,098
10,239
5,484

50.570
10,000
24,564
2,737
58,175
143
22,733
10,150

974
13,972
1,965

8,413
133,749
3,525
4,765
11,844
36,331
167

22,083

498,564
111,211

Net Earnings Monthly to Latest Dates.

— T h e t a b le f o l­
l o w i n g s h o w s t h e g r o s s a n d n e t e a r n i n g s o f S T E A M r a i lr o a d s
a n d in d u s t r i a l c o m p a n i e s r e p o r t e d t h i s w e e k :

Roads.

-------Gross Earnings----------------Net Earnings------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

$

$

$

$

A tch Top & Santa F e .b .M a y 8,783.0.17 9,091,484 12,789,343 12,754,581
July 1 to May 3 1 ______ 90,223,698 96,534,165J33,881,149 J31,799,715
106,422
80,807
Bangor & A roostook __.M
May
257,118
231,980
ay
1,038,900 1.127,635
July 1 to May '
2,896,065 2,763,501
Boston & M aine.b
10,037,796 9,786,274 1,506,006 2,136,755
Jan 1 to Alch 31____
33,567,578 32,542,463 7,536,669 9,308,852
July 1 to Mch 31
136,981
706,217
810,572
-Maay
204,641
Buff R och & P lt ts b .b .-M
y
_______ 8,372,250
8,097,301 2,819,647 2,798,966
403,200
368,600
.Alay 1,445,600 1,224,900
13,733,900 11,592,600 3,487,600 3,334,100
May 9,312,057 8,378,1 14 2,944,085 2,556,264
94,688,158 86,181,671 33,675,160 31,122,040
<167,035
<1176,256
Central of Georgla.
.May • 898,980 • 827,190
12,017.962 11,191,181 <13,671,986 <13,444,524
.Alay 1.170.112
S373.822
s203,516
939,564
_______ 13,305,496 12,259,689 s3,382,729 S3.873,155
Chlcago Gt Western .b . .Alay 1,055,215 1,052,760
197,680
239,435
July 1 to May 3 1 . —
11,580,705 11.071,703 2,930,188 2,706,421
.Alay
5,955,840
6,077,305
Chic & North W estern.!
1,581,036 1,580,543
68,516,340 67,598,873 19,814,206 19,837,999
July 1 to May 3 1 ____
1,185,300 1,168,593
316,259
328,706
Chic St Paul M & O .b .- .Alay
J
14,874,405 13,810,686 5,176,216 4.802,657
July 1 to May 3 1 ___
382,444
393,751
.Alay 1,104,879 1,370,486
14,763,706 15,424,743 5,104,807 5,497,969
8,336
15,673
7,704
.M ay
16,029
C ornw all.b ____________May
July 1 to May 31
70,260
97,759
152,702
186,318
-Alay 3,110,664 3,079,225 1,154,988 1,273,284
32,737,063 32,811,824 13,102.933 15,304,849
Detroit & M a ck in a c.a .-M
ay
.Alay
8,862
94,144
22,336
101,272
July 1 to May 3 1 . .—
240,972
1,084,467 1,123,075
256,401
E r le .a .................................-Alay 8,434,075 4,506,138 1,544,530 1,274,477
July 1 to May 3 1 .._______ 51,740,311 50,197,299 14,557,086 14,178,670
Fairchild & N ortheast.b.M
.May
ay
d ef.98
1.848
1,779
281
July 1 to May 31
21,528
23,207 d e f.l 1,546
1,154
908,206
680,155
.M ay 5,062,271 4,658,337
56,629,380 53,700,123 13,320,121 11,161,265
725,281
0 Intcroceanlc of M ex___May
553,867
120,026
256,972
.Alay
July 1 to May 31............
8,078,648 7,807,181 2,908,431 2,797,651
_______
253,324
263,225
/138.690
Iow a C entral.a________ May
1)24,133
July 1 to May 31______ 3,235,196 3,094,848
1)678,085
1)617,061
388,322
fc67,073
Minneap & St L o u is .a .-M
-Maay
y
359,195
fc69,054
4,514,865 All ,201,558 fcl.187,600
July 1 to M ay 31____
_______ 4,701,128
267,624
Minn St Paul & S S M .i .M ay 1,075,621
1,196,049
401,643
July 1 to May 31. _______ 12,034,211 14,068,812 3.619,450 5,893,340
Chicago Division___ -M ay
700.058
124,829
798,061
231,286
July 1 to May 31_____
.............. 8,142,306
8,132,663 1,701,165 2,451,827
Missouri Kan & T c x .a .-M
.Alay
a
2,063,127 1,903,990
485,396
299,899
6,963,722
July 1 to May 31_____ .26,879,126 24,593,105
6,122,275
0 National R ys of M e x ..M a y 3,631,581 5,690,016
598,625 2,541,489
..56.502.565 55,453,667 20,340,803 22,193,052
July 1 to May 31.
13,408
N eva d a -C a l-O rcgon .b.. May
31,832
33,064
11,697
213,230
July 1 to May 31 ............
306,641
414,039
93,935
N Y & Pennsylvania.b—
Jan 1 to Mch 31______
24,001
23,935
3,529
3,310
5,179,669 5,391,264 1,577,213 1,854,873
N Y N H & H a r t f.b ____May
July 1 to May 3 1 ........... 56,580,574 55,265,485 19,134,952 20,159,727
N Y N II & H artford. b —
Jan 1 to Mch 3 1 ................13,880,322 13,713,805 4.019,746 4,412,500
July 1 to Mch 3 1 .
46,245,543 44.794,869 15,741,188 10,546.913
C N Y Cent & Hud R lv
bMay 8,446,205 8,332,291 2 550,774 2,207,872
Jan 1 to May 31________ 39,963,315 38.576.707 o;254,562 8,919,013
Lake Shore & M S .b .M a y
3 911 373 4,037,468 1,113.777 1,042,478
Jan 1 to May 31______ 18.793 076 19.519.334 5,089,094 5,930,258
e Lake Erie & W est.b May
435,702
415 ,14 0 65,571
40.393
Jan 1 to May 31................ 2,117,546 2.147,030
293,306
460,069




Roads.

[V O L . L X X X X U I
------- Gross Earnings------- ------ Net Earnings—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
S
$
$
§

N Y Cent & H R R R — Con.
Chie Ind & S o u th .b -.M a y
315 992
273,213
Jan 1 to May 3 1 .......... 1,580,324 1,685,944
Michigan C e n tra l.b -.M a y 2,337.916 2,354,760
Jan 1 to May 31_______11,664,628 11,594,479
Cleve CIn Chic & St LbM ay 2.444,884 2,321,093
Jan 1 to May 31_______11,976.505 11,782,675
Peoria & E astern .b -.M a y
260 257
282,087
Jan 1 to May 31______ 1,322,067 1,312,668
Cine N orth ern .b ____May
92,195
98,515
441,790
484,415
Jan 1 to May 31______
Pitts & Lake E r ie .b -.M a y 1,235.078 1.525.159
Jan 1 to May 31______ 5,614,845 6,676,983
N Y Chic & St L .b - .- M a y
877,445
898,878
Jan 1 to May 31______ 4,437,214 4,630,583
Toledo & Ohio C cn .b -M a y
373,434
430,366
Jan 1 to May 3 1 .......... 1,682,589 1,660,055
Total all lin e s.b ......... May20,739,483 20,968,970
Jan 1 to May 3 1 ______ 99 593 989 100071,773
N Y Ontario & W cs t.a .M a y
791,108
752,985
July 1 to May 31______ 8,497,465 7,783,92 1
N Y Susq & W estern .a .M a y
340,481
280,241
July 1 to M ay 31______ 3,556,859 3,186,068
Pennsylvania Lines—
Pennsylvania R R _ a .-M a y l3 ,2 4 0 ,0 8 3 13.411,316
Jan 1 to May 31_______62,403,603 65,124,287
Balt Chcs & A tla n .a -.M a y
21,621
21,487
Jan 1 to May 3 1 ______
80,200
84,531
Cumberland V a lle y .a .M a y
234,597
273,358
Jan 1 to May 31______ 1,145,382 1,228,353
Long Island a . ...........M a y
951,670
897,380
Jan 1 to Alay 3 1 ______ 3,659,428 3,408,400
Maryland Del & V a.a.M ay
9,764
10,740
Jan 1 to May 3 1 ...........
38,018
37,738
N Y Pliila & N o r f.a .-M a y
297,098
317,122
Jan 1 to May 31............ 1,299,740 1,332,358
Northern Central . a . -M ay 1,102,31.3 1,035,916
■ Jan 1 to May 31______ 5,202,138 5,122.168
Phlla Balt & W ash .a .M a y 1,655,820 1,711,310
Jan 1 to May 31______ 7,480,980 7,412,157
W Jersey & Scash_ a . . May
511,229
477,969
Jan 1 to May 31______ 2,025,255 1,909,670
Pennsylvania C o .a ______ May 4,120,104 4,816,621
Jan 1 to May 3 1 ______ 18,210,577 20,547,550
Grand Rap & Ind a . -M ay
358,706
412,010
Jan 1 to May 3 1 ______ 1,969,032 2,018,196
Pitts CIn Ch & St L a .M a y 3,106,196 3,308,510
Jan 1 to May 3 1 _____ 14,951,611 16,432.930
771,293
825,265
V a n d a lia .a ......... ........ May
Jan 1 t o .May 3 1 . . ____ 3.973,710 4,004,894
T ot East of P & E .a M ayl9,208,372 19,118,060
Jan 1 to May 31______ 87,917,544 90,427,277
T ot W est of P fc E a May 8,722,673 9,717,272
Jan 1 to May 3 1 ______ 40 881,427 44,073,716
Grand tot all Hnes.a-M ay27,931,045 29,135,331
Jan 1 to May 3 1 _____ 128,798,971 135100,993
Reading Company—
Phlla & R e a d in g .b ____May 4,061,254 4,025,723
July 1 to May 3 1 ______ 41,841,579 41,488,367
Coal & Iron C o .b ____May 2,956,714 2,983,331
July 1 to May 3 1 ______ 32,212,429 31,239,235
T otal both c o s .b _____ May 7,017,968 7,009,054
July 1 to May 31______ 74,054,008 72,727,602
______
Reading C om pany___May
_______
July 1 to May 3 1 ....... ..............................................
Total all com p a n ies.-M a y
______
______
July 1 to May 31............
..................................
R io Grande Junction_____A pr
75,144
81,177
Dec 1 to Apr 3 0 ______
345,303
389,794
R ock Island L in e s .b . . -M ay 5,155,627 4,931,411
July 1 to May 31.......... .62,347,073 60,179,709
St Louis Southwest . a . -M ay
827,047
811,548
July 1 to May 3 1 ______ 11,040,985 10,119 600
Southern P a cific.a ......... M ayt0,610,022 11,459,127
July 1 to May 3 1 _____ 122,139.802123,728,194
Southern R ailw ay_ b ___ May 4,823,518 4,659,993
July 1 to May 31_______55,729,530 52,768,954
Mobile & O h io .b ______ May
988,815
927,728
July 1 to May 3 1 ______ 10,266,269 9,714,109
CIn N O & T ex P a c.b .M a y
789,374
815,993
July 1 to May 3 1 ______ 8,442,564 8,280,551
Alabama Great S o u .b.M ay
357,936
370,508
July 1 to May 3 1 ______ 4,132,873 3,850,054
T ol St Louis & W e s t.a -M ay
316.052
321,033
July 1 to May 31______ 3,450,912 3,466,330
Union P a cific.a ________ May 9,693,095 7,535,249
July 1 to May 3 1 ______ 81,855,506 82,719,139
Virginia & S outhw est-b .M a y
126,386
87,678
July 1 to May 3 1 ______ 1,261,617 1,105,607
W rlg h tsv & T e n n ille .b -.M a y
318,670
317,082
3287,009
July 1 to May 3 1 ______ 3311,707
Yazoo & Miss Valley .a .M a y
809,566
832,432
July 1 to May 31_______10,087,008 9,455,118

72,773
64,547
358,302
504,930
640,404
647,165
2,483.206 3,357,807
359,333
573,179
2.463.202 2,751.757
73,065
50,685
356,804
192,221
d e f.2,298
5,742
28,365
88,701
841,163
595,525
2,642,815 3,534,005
208,911
282,569
1,013,143 1,552,826
98,621
160,254
357,594
472,399
5,975,962 5,806,541
24,175,810 27.938.469
246,712
240.387
2.293.344 2,231,852
97,763
122,605
952,859
1,222,728
3,193,682 3,411,646
13,519,653 15,697,401
8,321
4,076
8,241
1,850
49,944
93,961
412,464
279,102
244,436
263,393
225,291
360,015
d e f.1,973
d e f.671
d ef.l 1,308
d e f.8,556
64,245
101,289
235,288
365,980
127,826
104,409
697,098
506,256
401,180
376,157
1,281,678 1.314.369
99,508
135,340
107,370
203,590
1,262,048 1,508,932
4 055,245 4,744,259
36,720
25,789
195,941
214,530
842,307
628,194
3.374.203 3,015,441
110,112
133,144
638,062
650,065
4,370,884 4,653,312
16,297,165 19,078,849
2,339.460 2,367,557
8,629,326 9,572,422
6.710.344 7,020,868
24,926,491 28,651,271
1,511,195
14,977,834
40,160
499,897
1,551,355
15,477,732
148,484
1,606,645
1,699,839
17,084,377
ft22,643
ft103,618
1,046,287
17,017,944
185,569
2,674,038
3,385,505
39,622,837
1,475,045
17,956,900
301,313
3,003,550
220,347
2,851,673
89.786
1,135,048
p 9 1 ,885
P930.907
2,604,282
32,750,895
52,856
402,742
d e f.15,431
100,070
137,037
2,821,029

1,660,791
10,312,079
150,470
1.230.369
1,811,261
17,542,448
150,397
1,000,967
1,961,658
19,143,415
ft24,353
ftl 10,938
842,580
15,748,822
61,063
2.317,985
3,908,600
43,601,283
1,431,390
17,217,896
266,153
2,917,073
350,122
3,208,971
123,736
1,216,295
p i 28,759
p i , 113,010
3,237,777
36,828,819
12,169
327.231
2,596
107,320
131,875
1,790,219

IN D U S T R IA L C O M PAN IES.
arnlngs------- ------- Net Ear nines------Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Companies.
$
$
$
$
70,173
287,890
Adams Express C o .b .. Mch 1,258,924 1,360,821
083,610 1,756,325
■ July 1 to Mch 31. ____11,802,211 11,439,586
351,786
263,585
Amerlcan E x p re s s.b ___ Mch 1,936,573 1,737,513
14,345,090 2,397,265 2,021,399
July 1 to Mch 3 1 . .
Atl Gulf & W I SS Lines
313,018
339,572
(Subsidiary C os)____ Apr 1,489,371 1,431,862
Jan 1 to A pr 30. _ ___ 5,752,401 5,513,857 1,121,102 1,219,596
238,848
570,195
247,655
Cumberland T & T C o.b. May
600,018
2,989,327 2,800,846 1,218,347 1,204,210
Jan 1 to May 3 1 ..
8,082
116,355
d e f.5,038
Eastern Steam ship_____ May
148,322
367,143 d e f.57,726 d e f.79.7: 8
Jan 1 to May 3 1 ..
391,479
a Net earnings here given arc after deducting taxes,
b Net earnings here given arc before deducting taxes,
c Includes the New York * Ottawa, the St. Lawrence & Adirondack
and the Ottawa & New York R y ., the latter of which, being a Canadian
road, docs not make returns to the Inter-State Commerce Commission.
d After allowing for outside operations and taxes, operating Income for
May 1911 was $136,480, against $54,490, and from July 1 to .May 31 was
$3,239,470 in 1911, against $3,012,000 last year.
e Includes the Northern Ohio R R . .................
g These results arc In Mexican currency.
• ■

J u l y 11911.]

THE CHRONICLE

h For May 1911 additional Income Is given as showing a deficit of $4 ,497,
against a deficit of $3,392 In 1910, anti for period from July 1 to May 31
was a deficit of $52,284 In 1911, against a deficit of $43,010 last year.
J The com pany now Includes the earnlnsg of the A tch . T op . A Santa Fe
R y ., Gulf Colo. A Santa Fc R y ., Eastern R y . of New Mexico System,
Santa Fe Prescott & Phoenix R y ., Southern Kansas R y . of Texas, Texas
& Gulf R y ., G. & I. R y. of T. and C. S. S. A L. V . R R . In both years.
For May taxes amounted to $300,299, against $325,832 In 1910- after
deducting which, net for May 1911 was $2,409,044, against $2,428,749 last
year. For period from .July 1 to May 31 taxes wore $3,191,700 in 1911,
against $3,442,551 In 1910.
.
k For May 1911 additional income was $21,359, against $9,898 in 1910,
and for period from July 1 to May 31 was $124,020 in 1911, against $120,321
last year.
n These figures represent 30% o ’ gross earnings.
V For May miscellaneous charges and credits to Income were $11,875
charge, against $0,505 charge In 1910, and for period from July 1 to May 31
were $80,728 credit In 1911, against $303,091 in 1910
s After allowing for miscellaneous charges to Income for the month o f
May 1911, total net earnings were $328,513, against $188,387 last year, and
fo r period from July 1 to May 31 were $2,704,907 this year, against $3 400,­
294.
3 Includes $294 other Income for May 1911, against $78 In 1910 and for
period from July 1 to May 31 Includes $1,313 in 1911, against $1,000 last
year.

Interest Charges and Surplus.
Roads.

—Hal. of Net Earns.—
Current
Previous
Year.
Year.
$
$
£25,137
£12,573
£137,050
£351.197

—In t., Rentals, & c.—
Current
Previous
Year.
Year.
$

Uangor A A roostook . - -M ay
93,988
84.634
July 1 to May 31______ 1,004,084
927,295
Boston & Maine—
Jan 1 to Mch 3 1 ______ 2,558,570 2,542,350 £df.890,599 £df.255,075
_ July 1 to Mch 31______ 7,720,309 7,678,533
£378,333 £2,152,703
Buffalo R och & Plttsb__M ay
174,034
173,715
£20,373
£82,985
July 1 to May 3 1 ........... 1,943,049 1,858,205 £1,658,480 £1,417,194
Chicago Great W estern.M ay
215,578
219,031
£30,171
£17,472
July 1 to M ay 31______ 2,334,028 2,545,307
£603,391
£289,353
Colorado & Southern__ May
275,518
259,624
cl 18,484
C142.790
July 1 to May 3 1 ______ 3,000,440 2,809,400 c 2 ,195,805 c2,847,632
Missouri Kans & T exas.M ay
515,503
457,120
£8,509 £df.1 20,975
July 1 to May 3 1 ______ 5,580,531 5,102,422 £1,754,944 £1,104,721
N cvada-C al-O regon_____May
5,404
3,612
£7,160
£10,923
58,387
July 1 to May 3 1 ______
48,920
£44,273
£170,106
N Y N H & H artford—
Jan 1 to Mch 31______ 3,070,475 5,219,135 £2,477,480
£523,610
July 1 to Mch 3 1 . .........12,492,804 15,703,468 £7,034,606 £0,162,084
N Y Ontario A W e s t ...M a y
108,999
101,134
137,713
139,253
July 1 to May 3 1 ............ 1,303,643 1,009,192
989,701 1,165,660
N Y & Pennsylvania—
0,281
Jan 1 to Mch 31______
5,660
def .2,752
d e f.2,350
R eading C om pany______ May 885,000
899,971
814,839 1,001,687
July 1 to May 31............ 9,735,000 9,899,681 7,349,377 9,243,734
R io Grande J unction___ A pr
8,333
8,333
14,210
16,020
Dec 1 to A pr 3 0 ______
41,007
41,007
01,951
75,271
St Louis S ou th w estern ..M a y
175,812
170,870
£71,358 £def.65,196
July 1 to May 3 1 ______ 1,940,138 1,898.266 £1,187,487
£920,971
IN D U S T R IA L COM PAN IES.
Companies.

— Int,,, Rentals, A c.—
Current
Previous
Year.

-—Hal. of Net Earns.—
Current
Previous
Year.
Year.

$

Atlan Gulf & W I SS Lines—
(Subsidiary C os)_____ Apr
156,073
103,595
156,905
Jan 1 to A p r 30______
629,039
050,267
492,063
Cumberland T & T C o ..M a y
50,310
47,717
188,538
256,992
Jan 1 to May 31______
239,311
901,355
c A fter allowing for miscellaneous charges and credits to Income.
x A fter allowing for other incom e received.

5

175,977
563,329
199,938
964,899

ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name o f
Road.

Latest Gross Earnings.
Week or
Month.

American R ys Co—
A tlantic Shore R y . . May
cAur Elgin A Chic Ry May
Bangor R y & Elec Co May
Baton R ouge El C o .. April
Binghamton Railway May
BIrm R y, Lt & Pow May
Brock & Plym St Ity . April
Bklyn Rap Tran Sys
Cape Breton Elec Co
Carolina Pow & Lt Co
Cent Pit N A E RIv
February
Central Penn T ra c__ May ------Chattanooga R y A Lt May ____
Clevc Palnesv & East May ____
Cleve Southw A C ol. May ____
Columbus (Ga) El Co A p r il____
Coney Isl & B klyn__
Dallas Elect C oro___ April
Detroit United I t y ..
D I) E B A Bat (Rec)
Duluth-Superior Trac May ____
East St Louis & Sub May ____
El Paso Electr c ____ A p r il____
Falrm A Clarks Tr Co May ____
42dSt.M&SNAv (Rec) February
Galv-IIouston El C o. A p r il____
Grand Rapids R y C o. May ____
Havana Electric C o.
Honolulu Rapid Tran
A Land C o_____
April
H oughton Co Tr Co
Hudson A -Manhattan May _____
Illinois Traction Co . M a rch ____
Interboro Rap Trans. April
Jacksonville Elec C o. April
__
Kan City R y A Lt Co M a rch ____
Lake Shore Elec R y . May ___
Long Island E lectric. February
Metropolitan St (Rec) February .
Mflw El R v A Lt C o. May _____
Milw Lt. lit A Tr Co. M a y .........
Montreal Street R y ._ May _____
Nashville R y A Light May -------New Orleans R y A Lt A p r il_____
N Y City In terb oro.. February .
N Y & Long Island Tr February .
N Y & Queens C o____ February _
N orf A Portsm Tr Co May _____
Northam Easton & W May .........
North Ohio Trac A Lt May .........
North Texas Elec C o. A p r il_____
Northwest E lcv C o .. May _____
Ocean Electric (L I ) . February .
Oklahoma City Ry__ May _____




Current
Year.

Previoui
Year.

Jan. 1 to latest dale.
Current
Year.

Precious
Year.

$
$
$
$
354,018 335,201 1,583,330 1,504,740
20,C0<
25,357
103,305
111,339
152,751 142,04-1
639,835
580,919
41.751
42,875
215,06!
209,599
8,8 If
8,302
30,19;
34,203
33,077
28,024
224,986 218,255 1,134,227 1,069„376
8,277
8,744
29,471
29,497
1591,045 1492,851 3,330,467 3,122,029
24,897
23,332
07,057
95,703
20,786
18,983
112,464
97,235
41,778
43,280
92,214
87,930
77,702
09,934
337,550
319,795
77,738
70,81 1
308,045
335,715
33,138
30,255
127,952
120,317
90,48 1 89,467
420,530
382,819
41,303
40,095
155,613
138,409
90,650
80,364
100,590
181,437
125,387 113,400
514,254
452,176
184,112 173,545 3,815,791 3,471.001
44,852
45,739
94,398
95,162
98,007
90,289
438,851
41 o !,301
193,181 183,478
905,984
918,799
53,695
49,490
227,404
212,866
03,201
271,813
54,091
218,718
102,991
90,321
219,444
198,687
121,140 101,550
448,527
390,224
98,137
93,207
451,713
430,871
45,823
42,414 1,131,617 1,018,697
39,332
25,508
389.941
549,729
2658,585
46,164
656,001
105,321
11.789
975,090
400,004
86,669
431,689
163,174
538,179
19,495
22.644
70.010
171,813
15,185
228,093
126,681
188,844
2,952
53,030

30,129
150,115
145,263
24,248
93,421
98,772
340,367 1,914,283 1.043,209
486,490 1,050,099 1,427,320
2504,772 10.494,792 10,170.042
47,212
197,802
190,339
622,555 1,912,619 1,788,017
100,424
4 14,635
423,194
10,691
24,819
21,239
970,326 2,070,561 2,010,421
380,000 1,982,490 1,801,299
85,071
385,493
301.022
370,234 1,870,852 1.080,793
148.094
794,548
730,527
534.281 2,242,004 2,129,580
13,579
40,493
28.594
19,894
47,037
38,375
66,061
160,140
134,499
100,492
820,450
705,607
14,505
03,791
207,323
977,578
805,602
111,280
502,716
438,890
184,354
924,800
914.457
3,005
0,265
0,043
53,801
244,102
227,916

37
Latest Gross Earnings.

Name of
Road.

Paducah Tr A Lt Co

Jan. 1 to latest date.

Week or
Month.

Current
Year.

Previous
Year.

Current'
Year.

Previous
Year.

A p r il_____
A p r i l _____
May .........
A p r i l _____
A la rch ____

S
21,452
22,734
527,931
145,604
22,563

$
20,389
22,263
466,436
158,919
22,902

$
84,485
90.264
2,500,045
503,628
67,060

S
80,300
84,219
2,166,734
592,285
63,028

1096,947

Light & Power Co May _____
St Joseph (Mo) Ry.Lv
H eat & Power C o .. Afay .
Sao Paulo T r, L A P_ Alay _____
Savannah Electric Co A p r i l _____
Seattle Electric C o .. A p r il_____
Second A ve ( R e c ) . . . February .
Southern Boulevard February _
Sou Wisconsin R v Co Alay -------Staten Isl M id lan d .. February .
Tam pa Electric C o .. A p r i l _____
Third Avenue (Rec) February .
T oledo R ys & Lt Co W k Alay 14
T oronto R y C o ..
. A p r il_____
Tri-City R y & L igh t. May _____
Twin City Rap Tran 2d wk June
Underground El R y
of London—
Three tube lines
W k June 24
Metropolitan D ist. W k June 24
United Tramways W kJune 24
Union (Rec)
February .
U n ion R y.G A E C oa il) A p r i l _____
United R ys of St L
Alay _____
United R R s of San Fr A p r il_____
W cstches Elec (R e c ). February _
W hatcom Co R y & Lt A p r i l _____
Yonkers R R (Rec)
February .
Youngst A Ohio R Iv. May .........

916,476

5,035,809

4,097,283

88.759
79,587
276,579 237,698
55,395
50,650
452,178 460,490
55,285
57,195
7,351
6,464
16,983
15,055
14,203
13,390
55,308
48,362
259,867 276,854
34,229
31,016
364,458 328,785
207,213 196,638
155,071 153,000

435,301
1,401,695
213,560
1,817,922
120,880
15,583
75,003
30,095
222,671
550,851

408,614
1,145,567
194,585
1,820,553
114,167
13,571
09,050
27,336
212,068
550,987

1,432,421
1,101,456
3,404,030

1,303,049
993,840
3,220,800

£22,450 £11,394
£17,834 £12,595
£8,780
£7,301
150,858 137,225
242,968 230,323
1053,826 1008.384
652,866 648,015
36,196
29,276
29,294
32,601
44,438
19,842
16,638

£357,355
£299,531
£157,557
318,635
1,024,475
4,794,945
2,525,935
76,079
125,382
93,770
88,324

£329,534
£275,264
£152,796
286,473
982,928
4,005,801
2,494,866
62,450
134,516
76,047

c These figures are fot consolidated com pany

Electric Railway Net Earnings.

— T h e f o llo w in g t a b le g iv e s
th e re tu r n s o f E L E C T R I C r a ilw a y g r o s s a n d n e t e a r n in g s
r e p o rte d th is w e e k .
f u ll d e t a i l e d s t a t e m e n t , i n c l u d i n g
r o a d s f r o m w h ic h m o n t h l y r e t u r n s c a n b e o b t a i n e d , is g i v e n
o n c e a m o n t h in t h e s e c o l u m n s , a n d t h e l a t e s t s t a t e m e n t o f
t h i s k in d w ill b e f o u n d in t h e is s u e o f J u n e 1 0 .

A

all

Iross Earnings----rrent
Previous

Roads.

------ Net Earnings------Current
Previous

Aurora Elgin & C h ic.b ..M a y
July 1 to May 3 1 ...........
Binghamton St R y .........May
Central Penn T ra c_____May
Jan 1 to May 3 1 ______
Clevc Palnesv & W est.a .May
Jan 1 to M ay 3 1 _____ _
Cleve Southw & C o l_ b .-M ay
Jan 1 to M ay 3 1 ______
Detroit U nited____b .-.A I a y
_
Jan 1 to May 31______ 3,874,799
Falrm’ t & C la rk sb .b ___May
63,201
271,813
Jan 1 to Afay 31______
Lake Shore Elcc R y .a . .M ay
105,321
Jan 1 to May 3 1 ...........
444,035
Milw Elec R y & L t . b __ May
406,604
Jan 1 to May 3 1 ______ 1,982,490
Mihv L t, Ht & T r a c .b . .M a y
86,669
Jan 1 to May 31______
385,493
Nashville R y A L ig h t.a .M a y
163.174
Jan 1 to May 3 1 ______
794,548
North Ohio Trac A L t .a May
228,693
Jan 1 to May 31_____ _
977,578
Oklahoma City R y . b . . ..May
Jan 1 to May 3 1 ...........
R ichm ond Lt A R R . b —
Jan 1 to Mch 3 1 . . . . .
July 1 to Mch 31______
Syracuse & Suburban—
Jan 1 to Mch 31............
Tri-City R y & L ig h t.a .M a y
Jan 1 to M ay 3 1 ............
Twin City R ap T ra n s .b .M a y
_______
Jan 1 to May 3 1 ______ 3,100,449
Underground Elec R ys, London—
M etropolitan District .M ay
£62,270
United T ram w ays___May
£31,229
L ondon Elec R y _____ May
£64,703
Wash Balt A A n n a p .b .M a y
67,644
a Net earnings here given are after deducting taxes,
bNet earnings here given are before deducting taxes.

Interest Charges and Surplus.
Roads.
Aurora Elgin & C h ic ...M a y
July 1 to May 3 1 ______
Binghamton Street R y .M a y
Clevc Palnesv & E a s t ...M a y
Jan 1 to Alay 31______
Clevc Southw A C ol____Afay
Jan 1 to Alay 31______
Detroit U n ite d ..............May
Jan 1 to May 3 1 ______
Falrm ountA Clarksburg May
Jan 1 to May 3 1 ...........
Lake Shore Elec R y ____Alay
Jan 1 to Alay 31______
Afilw Elec R y A L t _____Alay
Jan 1 to Alay 3 1 ______
Alilw Lt, Ht A T ra c____May
Jan 1 to May 31____ __
Nashville R y A L ight__ May
Jan 1 to Alay 31______
North Ohio Trac A L t -.M a y
Jan 1 to May 3 1 ______
Richm ond Lt A R R —
Jan 1 to Alch 31______
July 1 to Mch 31______
Syracuse A Suburban—
Jan 1 to Alch 31............
Tri-City R y A L igh t____May
Jan 1 to Alay 3 1 ______

- I n t ., Rentals, & c.—
Current
Previous
Year.
Year.
$
$
35,843
33,602
380,107
340,928
9,349
9,029
8,112
8,225
39,903
40,804
29,794
29,946
150,095
148,970
176,148
163,368
880,099
804,527
17,021
12,610
78,043
62,684
31,584
35,036
173,398
173,859
112,270
124,200
595,039
549,759
69,840
71,176
338,085
345,836
33,694
33,690
167,273
168,450
44,329
43,375
221,774
216,542

—Bal. of Net Earns.—
Current
Previous
Year.
Year.
$
$
26,973
26,644
282,064
294,901
6,537
1,303
6,930
6,741
13,928
13,684
£13,472
£10,161
£26,580 £def 1,445
£167,908
£186,234
£511,911
£600,895
24,498
22,907
99,168
73,246
16,308
12,405
10,291
2,882
£64,246
£57,289
£334,731
£294,254
£20,644
£20,349
£76,699
£70,610
31.941
26,281
157,286
137,064
59,708
52,699
193,764
148,015

36,639
100,040

36.499
85.500

£14,607
£60,341

£1,452
£21,419

10,298
C61.317
C310.242

10,149
C57.835
C293.923

£1,742
22,275
144,935

£def517
22,258
110,154

[V o l .

THE CHRONICLE

38
—Int., Rentals, & c.—
Current
Previous
Year.
Year.

Roads.

$

Twin City Ran T r a n s ..-M a y
Jan 1 to May 31-----W ash Balt & A n n a p ------ May

C140.079

C700.396
22,183

— Bal. o/ Net Earns —
Current
Previous
Year.
Year.

§

C140.112
C701.029
32,970

$

§
206,685
797,608
16,578

198,452
784,163
5,464

ANNUAL REPORTS,
Annual Reports.—

A n in d e x to a n n u a l r e p o r ts o f s te a m
r a i l r o a d s , s t r e e t r a i l w a y s a n d m i s c e l l a n e o u s c o m p a n i e s w h ic h
h a v e b e e n p u b li s h e d d u r i n g t h e p r e c e d i n g m o n t h w ill b e
g iv e n o n th e la s t S a t u r d a y o f e a c h m o n t h .
T h i s i n d e x w ill
not in c l u d e r e p o r t s in t h e is s u e o f t h e “ C h r o n i c l e ’ in w h ic h
it is p u b l i s h e d . T h e l a t e s t i n d e x w ill b e f o u n d in t h e is s u e
of June 2 4 .
T h e n e x t w ill a p p e a r in t h a t o f J u l y 2 9 .

American Car & Foundry Co., New York.
30

C o n s o lid a te d G a s C o . o f N e w Y o r k .

{Report for the Year ending Dec.

3 1 1 9 1 0 .)

T h e P u b l i c S e r v ic e C o m m i s s i o n , F i r s t D i s t r i c t , h a s m a d e
p u b lic th e in c o m e a c c o u n t s a n d b a la n c e s h e e ts o f th e c o m ­
p a n y a n d i t s s u b s id i a r i e s ( s u b j e c t t o r e v i s i o n ) f o r t h e c a le n d a r
year 1910.
T h e li s t o f i n v e s t m e n t s o f t h e C o n s o l i d a t e d G a s G o . o n
D e c . 3 1 1 9 0 8 (t o t a l b o o k v a lu e , 8 5 3 ,9 0 7 ,1 3 4 ) a n d a lso th e
a d v a n c e s to s u b s id ia r y a n d a ffilia te d c o m p a n ie s (a m o u n t in g
o n t h a t d a t e t o $ 2 8 , 5 3 8 , 7 2 0 ) w e r e g i v e n in V . 8 9 , p . 1 6 0 4 .

c Includes dividend on preferred stock.
x A fter allowing for other incom e received.

{Report for Fiscal Year ending April

Lxxxxm

1 9 1 1 .)

O P E R AT IO N S OF CON SO LID A TE D GAS CO.
1909.
1910.
$
$
$
9,973,975
. 10,963,099 10,572,328
1,194,207
1,340,860
_ 1,582,409
313,195
254,615
240,326
Municipal lighting.
46,686
26,119
O
16,720
*Sales 0/ Gas-

1907.
$
10,252,812
1,175,290
393,745
11,838

T otal sales__________..*12,802,554 12,193,923 11,528,063
232,754
260,1971
Sale of residuals---------212,841
486,87o|
324,4681
R ent gas stoves, & c— . .
Lamp maint. in co m e ..
27,032
.
11,378 J
S u n d rie s ------------

11,833,685
285,067
183,063
262,163
11,774

12,000,690

12,575,752

I

T otal gas revenues.

._ 13,398,597

12.680.802

2,982,256
2,880,877

2,890,976
2,853.290

3,060,570)
2,985,042/

6,137,603

dpnpral R esu lts__Earlv in the year there were evidences of an Increased
demand for new equipment, reflected b y the addition of a substantial numv>or of orders to the fair number already on our books. But this piomlse
was not fulfilled 1 For reasons not difficult of understanding by those who
note the trend of even s n m o to r s relating to the control of corporate enter­
prises generally and particularly those relating to railroads, the renewal ol
purchasing activity was not sustained throughout t h e remainder of the
ye^
Asga r e s u l t , the railroads’ demands for
eq u ^ m ra t w « | I n the
aerrreffate much less for the fiscal year 1910-11 than for 1909-10. Because
o F th lf orders have been taken on an even m «re strongly com petitive basis
than heretofore, and consequently on a le^ ® “ cd pyoht m argin.
DBunitp thpep ndvorsp conditions, your management is aoie to report an
lnc?ease^intheCom pany’s^earnings for the year, as com pared with the year
ended Ap?U 30 1910® and the addition to working capital of a sum somewhat

T otal production exp). 5,863,134
Distribution e x p en se.. _ 1,263,183
Am ortization & general1. t/3,305,418
. Cr. 185,907
Duplicate charges

5,744,266
1,139,323
j/3,120,674
Cr.207,244

6,045,612
1,191,238
2,745,814

6,137,603
1,248,911
2,818,389

T otal operating e xp .._ 10,245.828
. . 3,152,769

9,797,019
2,883,783

9,982,695
2,017,995

10,204,904
2,370,848

In T heCnet°c,TTn?nes0f°o'r the vear were $4,234,789, showing a slight Increase
o v e r t hc° p recce i hfg year
Out of this there has been expended 32.100.000
f ^ t h e regular 7 % dividend on the pref. stock and $600,000 for the payment
nf the 2 % dividend on the com m on stock.
N tw Plants.— T he stockholders have been informed in a prior report
that plans have been perfected for the construction of another steel-car plant.
As^y?t theConstruction of this additional plant has not been begun, because
the conditions prevailing have not favor 'd such action.
The additional shop at St. Charles has been finished and our all-steel
passenger car plant at that place is therefore practically com plete. l or
this work, and for additions to our plants at Berwick, Detroit, Chicago and
M ilton there was expended from the reserve for additions to steel car plants
the sum of 3431,2 25. It has been deemed prudent to make up In part the
depiction of this reserve, and therefore 5250 000 of our net earnings have
been appropriated to it, making the total to be carried foiw ard 51,277,79a,
as against $1,462,020 In this reserve May 1 1910.
There has heretofore been carried in our reserves an Item of S.>00,000 for
the purchase of the W ilm ington plant. During the year this amount,
representing the price agreed to be paid for the purchase of the reai estate
and buildings at W ilm ington, has been expended for that purpose, and your
com pany now owns that property In fee and free of all incumbrances. As
an incident of this purchase, your com pany acquired the entire outstanding
capital stock of the Jackson & Sharp Co., the former owner of the Wil­
m ington plant. The capital stock so acquired is carried on the books

IN C O M E ACCOUNTS FOR YE AR S E N D IN G LEU 3} OF CON­
SO L ID ATE D G A S CO. A N D CONTROLLED C O M P A N IE S .
— Consolidated Gas Co.-------- Astoria L t.Il.& R .C o .—
1909.
1909.
$
$
$
$
3,270,270
3,324,227
12,680,802
13,398,597
Operating revenues-----2,258,745
2,245,905
9,797,019
Operating expenses------ 10,245,828
84,412
106,635
666,115
812,784
Taxes ----------------------—
103,230
71,755
U ncollectible bills--------«
027,113
971.687
2,114,438
2,268,230
Operating in co m e--------2,115
4,022
5,147,521
Non-operating In co m e .. a 5 ,505,039

P r e s . F r e d ’ k H . E a t o n , J u n e 2 9 1 9 1 1 , w r i t e s in s u b s t a n c e :

Cost of m an ufacture....
Gas bough t___________ ._

•Sales of gas in 1910 Include 13,704,600 M. cu. ft. com m ercial lighting @
oo c.; 1,985,800 M. cu. ft. prepaid gas @ 79.7c.: 320,434 M. cu. ft. municipal
lighting @ 75c., and 33,439 M. cu. ft. to W estchester Lighting Co. at oOc.
V Includes reserve for amortization at the rate of 10c. per M. cu. ft. o
gas sold, amounting to $1,604,427 in 1910 against §G o29,884 In 1909,
actual amounts written off, $556,526 In 1910, against $364,0/.8 In 1909.

7,261,959
761,588

Gross Incom e________
Int. on funded debt, &c_

7,773,269
617,833

Dividends--------------- (4 >3)

4,491,632 (4)3,987,565

Total deductions_____
Balance, surplus_______

5,109,465
2,663,804

4,749,153
2,512,806

975,709
633,983
74,979

929,228
698,715

708,962
266,717

698,715
230,513

a Includes $5,422,744 returns on Investments In subsidiary gas and
electric light companies.
-N .Y .M u t.G a s L l.C o .— New Amsterd. Gas Co.
1909.
1910.
1909.
1910.
1,519,201
1,567,782
2,550,989
2,703,447
Opcrating revenue-------1.055,137
1,101,882
1,647,777
1,706,944
Operating expenses-----106.584
108,136
198.132
209,334
Taxes --------------------------14,100
6,493
14,155
10,455

at M a iiU en a n ^ R escrles'.— From the reserve for general overhauling. Im­
provements and maintenance, amounting to $ 628,16/, there has been ex­
pended during the year the sum of $349,561 for the installation of new ma­
chines and improving facilities generally. It has seemed prudent to
strengthen this reserve, and there has therefore been appropriated to It tire
sum of S7 50,0'io, making the amount to be carried over into the new year
343,380
351,271
690,925
776,714
Operating Income — _
$1,028,606, or a total somewhat less than on April 30 1909.
53,709
76,021
137,953
145,200
9 Working C a p ita l— The remainder of the net
« i ? S Non-operating Incom e. .
been added to your working capital, giving V O u ln th lsn ccou n tS 18,304 8 12
397,089
427,292
828,878
921,914
Export B usiness.— Due to various causes, this held is one difficult of
Gross Incom e_______ .
30,889
18,371
1,101,861
entrv, but vour com pany has had a fair measure of success in it. Several
In te re st.......................... . 1,060,836
(6)206,196
(7)240,502
contracts for passenger cars for export were entered during the year, ship­ D iv id e n d s------------------ments under which have been com m enced.
Balance .............................d cfl38,922
def272,083 surl68,358 surl60,004
Outlook.— The com pany begins the fiscal year 1911-12 with fewer cars on
- North. Un. Gas C o.—
Its books than it had on April 30 1910. At the close of the late fiscal year
— Cent. Union Gas Co.'
1909.
the railroads were not in the market for the purchase of new equipment
1910.
1909.
1010 .
033,929
754,073
In any considerable quantity. It Is not to be assumed that this condition
1,626,671
Operating revenue-------- 1,837,790
436,472
522,906
1,06 1,370
181,498
will continue without change.
Operating expenses
42,341
45,597
70,571
81,104
Taxes
-------------------F IS C A L R E SU LT S.
705
2,355
9,331
10,324
1908-09.
1907-08
1910-11.
1909-10.
154,411
$
$
184,115
S
$.
482,399
564,864
Operating
incom
e____
1,402
3,741,975 10,624,574
JJ,345
8,867
Earns, from all sources. 6,240,324
10,486
Non-operating In com e..
2846,144
1,663,104
Renewals, repairs, & c_. 22,005,535 2l,63.>,6-0
155,813
186,460
491,266
575,350
Gross
Incom
e________
91,030
80,488
4,089,478 2,895,831 8,961,380 In te re st_______________
207,924
190,825
Net earnings_________ 4,234,789
520,765
4,489
4,489
New constr’n ch’ ged o ff.
-------------R e n t s ___ _____ ________
225,998
A p prop ’n for Ins. rcs’v c .
-------------105,072
64,183
380,036
278,853
Balance, surplus_____
2,895,831
8,214,618
4,089.478
Net incom e_____,____ 4,234,789
-Standard Gas LI. C o.— — United EI.LI.& P .C o.—
2
,
100,000
2
,
100,000
2
,
100,000
1910.
1909.
Pref. divs. '7 % ) _______
2,100,000
1910.
1000­
(2)600,000 (2)600,000(3^)1050000
2,100,242
1,958,559
Dlvs. on c o m m o n ______ (2)600,000
1,666,623
Operating revenue-------- 1,718,959
1,528,401
1,486,512
R es’ ve for gen. overhaul­
1,155,522
1.078,579
Operating
expenses-----.........................................
1,650,000
104,947
70,000
ing, im p’ ts & m a in t..
750,000
--------------------------115,268
102,606
Taxes . . . __________
_________
600,000
6,724
12,037
Reserve fund co m . dlv . --------------------------- --- -------------3,133
5,009
U ncollectible bills---------2,814,618
384,010
Balance surplus
_
784,789
1,389,478
195,831
469,170
480,429
445,038
Operating
incom
e____
19,552,030
Previous s u r p lu s ............ 23,952,556
22,563,078 22,307,247
25,483
20,144
37,849
45,558
Non-operating In co m e ..
T otal surplus_________ 24,737,345 23,952,556
22,563,078 22,367,247
409,493
489,315
518,278
490,596
Gross i n c o m e . . _____
415,080
417,983
103,793
69,213
Interest, <fcc.. _______ X There was expended in addition, for extraordinary improvem ents, and
257,712
257,742
charged to the reserve for general overhauling, im provem ents and <™dnte- Preferred dividends (6 % )
99,714
Common dividends (2%
nancc, $319,561 in 1910-11, against $538,414 in 1909-10 and $483,419
def5,587
sur71,331
in 1908-09.
B a la n ce ..... .......... ........ sur63,927 surl56,743
B A L A N C E SH E ET OF A P R IL 30.
1911.
1910.
1910
1911.
Consolidated
Liabilities—
S
8
S
Assets—
S
No. consumers'
Cost of prop’tlos*66,432,533 66,182.532 Pref s t o c k ........ 30,000,000 30,000,000
Appliances ron------------------------ --------. . .
Material on hand 9,103,578 18,763,223 Common stock..30.000,000 30,000,000 Street lamps—
Capacity (-4 hours)
Wrlsbach .................. 13,764 13,968 Coal gas wk8.(M.cu.ft.) 9,500
Acc’ts, &c., rrc’ le 9,122,032 12,278.782 Vouchers & loans
payable______ 3,923,611 12,050.224
Open name..................
7
38 Water
do do ....4 1 ,5 0 0
Stocks and bonds
Insurance reserve 1,000,000
1,000,000
of other com­
Astoria L. New Am. N.Y.Mvt. Cent. Un. Nor. Un. .Stan Gas
701,869 Reserve pavment
panies.............. 1,098,785
II.&
P.Co.
Gas
Co.
(las
I.t.Co.
Gas Co. Gas Co.
LlghlCO.
Wllm’n plant—
..........
500,000
Bank certificates
Gas madeCU.CW./f.H,304,155 4.561,065 2,707.692 3,139,439
- - - - -- 2.166.944
For. gen. overh’g,
of deposit____ 1,000,000
Gas
bought......
................
119,099
55,121
11
1.009,049
90.402
lmpts. A maint. 1,02S,606
628,167
Cash on hand and
Sold consumers...
210 3,070,797 1,856.978 1,902,942 907,388 2,042,723
2,941,561 For constr’n of &
In bank............ 6,485,429
57,049
Supplied other cos................
84,045 812,476 l,054,i>49
additions to steel
___
8,436
1,295
5,907
2,904
Used by company.
900
14,387
car plants____ 1,277,795
1,462,020
For Cons. Gas C o.4,302,909 1,246,151
Reserve for divs.
___
_____
155.42
202.95
’ 148*4
168*37
0.698
317.69
on com. stock.
600,000
600,000 Gas mains (miles) —
11,080
18,239
14,265
15,680
3
33,729
Dlv. pay. July 1.
675,000
675,000 No. service pipes —
C.58,601
►35,419
3 a91,735 *51,428 680,966
Surplus account.24,737,345 23,952,556 No. consumers’ rnet.
18,114
18,825
19,727
4,891)
No. appliances rent.
4
8
5
4
'I
13
Holders....................
.93,212.357 100,867,967 T o ta l...............97,212.357 100,867,967 Capacity
Total
of holders
1
,1
9
5
14,595
8,581
15,000
20,875
1
4
,8
0
0
(M. CU. ft.)..........
* Includes cost o f properties, plants, &c., to April 30 1910, $64,720,512;
additions to steel car plants at Berwick, Detroit, .St. Charles, Chicago and
♦ This Is the number of consumers, o The number of consumers was 98,464.
Milton. $434 225- reservation tor construction of and additions to steel cat
6 This l.'j the number of consumers also, c The number of consumers was 01.488.
plants, $1,277,795.— V. 01, p. 34.




July 1 1911.1
BALANCE SHEET OF
1910.
Assets—
$
Fixed capital. . 50,536,519
F’rcc lnvestm’ ts. 59,573,880
1,185,535
Bills recelv. from
associated cos. 29,026,724
Accts. rcc. with
96,650
associated cos.
Accts. rcc. with
425,336
City of N. Y . .
746,537
Consumers’ acct.
519,739
Other accts. rcc.
Int. & divs. rcc. 1.755.404
985,275
Mater. & supp..
34,226
Pre-payments - 42,662
Suspense...........

THE CHRONICLE
CONSOLIDATED GAS CO. DECEMBER 31.
1910.
1909.
1909.
Liabilities—
S
S
S
48,948,075 Capital stock__ 99,816,500 99,784,000
54,215,024 Funded debt__ 1,302,100
1,334,600
1,856,878 Taxes accrued.. 1,715,492
4,647.488
Accrued Interest
111,504
91,921
29,928,724 Due assoc, c o s ..
379,583
314,798
Consum. depos. 1,100,761
1,096,777
106,886 Misc. bills pay’ le 7,500,000
7,500,000
Misc. accounts.. 1,311,806
1,800,250
3,025,998 Prem.on stk.,&c. 13,951,397 13,951,397
783,116 Renew.* contin.
936,406
acct.; accrued
1,714,279
amort, of cap. 6,509,534
5,461,633
871,319 Casualties & insurance res’vc
1.237
571,643
519,280
47,519 Corporate surp_* 10,658,167
5,933,317

T o t a l...........144,928,487 142,435,401'

T o t a l............. 144,928,487 142,435,461

* After adding sundry net credits amounting to §2,061,047, as compared with
32,034,151 reported by the company. The last-named amount includes: Credits—
adjustment of special franchise taxes and Interest, 1902-1909 inclusive, S I,157,247:
int. from the City of N. Y. on deferred payment of lighting bills, $445,946; difference
between book value and selling price of property sold, $425,358: adjustment of
coal-tar and ammonlacal liquor sales, applicable to former years, S60.575; tnisc.
adjustments, S45.827: debit— 1909 tax on mains, pipes, &c., Including penalty,
$100,802.
Note.—The company has contingent liabilities aggregating S19,344,000, consisting
of bonds of Westchester Lighting and merged companies which are guaranteed both
as to principal and Interest.
...■
.i
£l< <-8! a c
___
NEW AMSTERDAM GAS CO. BALANCE SHEET DECe 'mBER 31.
1909.
1910.
1910.
1909.
S
Assets—
S
Liabilities—
$
S
Fixed capital____ 41,174,646 41,159,779 Capital stock........ 21,165,000 21,165,000
Free Investments.
281.751
268,777 Mortgage bonds. . 19,235,000 19,235,000
173,997 1,066,370
357.012
357,012 Taxes accrued----Bound Investin’ ts.
60,193
60,209
192,212 Accrued Interest..
232,193
Casli.................. .
Accts. recelv. with
Due associated cos. 1,531,422 1,651.422
336,112
343,672
associated co s ..
98,826
66,135 Consumers’ depos.
290,154
Misc. accounts----309,467
Accts. recelv. with
594,210 Renewal & contlng
94,306
City of N. Y . . .
account; accrued
115,005
125,307
Consumers’ accts.
amort, of capital 2,402,259 2,157,235
41,891
33,733
Misc. accounts----258,248 Casualties * insur293,972
Materials & supp
ancc reserve----81,887
20,292
68,777
17,118
Pre-payments----Corporate deficit.. x2.594,019 2,956,702
T o t a l_________ 45.302,913 46,030,263

Total ............. . 45,302,913 46,030,263

39

UNITED ELECTRIC LIGHT & POWER CO. BALANCE SHEET DEC. 31.
1910.
1909.
1910.
1909. J
Liabilities—
Assets—
S
S
S
S
Fixed capital____ ] ,450,449 11,201,421 Capital stock____ 5,318,434 5,318.434
55,144
50,035 Mortgage bonds.. 4,838,000 4,838,000
Free lnvestm’t s ..
94,370 . 373,175
Bond Investments 1,048,202 1,048,203 Taxes accrued___
Cash . . .................
251,084
20,105 Int. funded d eb t.. 1,203,300 1,203.300
Int. unfunded d’t.
129,214
129,214
Special deposits.. ................................. 203,802
Due assoc, cos___ 1,495,783 1,437,480
Bills rec. from as­
.............
280,000 Consum’s deposits
sociated cos___
75,405
61,870
Misc. accounts__
30,306
166..83
Acc’ts receivable—
274,884
5,076 Ren'l & contlng.
Associated cos.
account, accr’d
City of N. Y . . .
33.732
282,319
947,656
829,374
amort, of ca p ..
131,561
Consumers’ acc’ts 205,829
24.733
43,548 Casualties and in­
Other accounts__
47,805
42,097
Mat’l & supplies..
surance reserve.
181,834
233,111
Suspense, &c___
87,911
8,546
Corporate deficit. . *565,811
826,240
T o ta l................ 14,180,273 14,400,027

T o ta l................ 14,180,273 14,400,027

* After crediting special franchise taxes, 1903-1909, Inclusive, $144,841, and in­
terest on deferred City of N. Y . lighting bills, $63,067, and debiting sundry other
Items aggregating (net) $18,810.
NEW YO RK EDISON CO.
(Comparative Statement o f Operating Revenue, cfee.)
K W . Hours.
Sales o f Electric Current.
1910.
1909. •
17,613,326 Municipal street lighting @ 3 .8 6 c____
$680,043
$591,512
4,846,245 Lighting municipal buildings @ 6.42c.
310,581
281,345
255,613 Municipal heat and power @ 6 c_____
15,337
18,590
2,662,892 Miscellaneous municipal © 0.08c____
162,142
127,835
164,025,277 Commercial metred lighting @ 7 .4 6 c. 12,279,632 11,312,987
50,343,073 Commercial metred power © 7 .4 2 c ..
3,734,678
3,439,955
3,073,728 Railroad corporations © 1.95c______
59,934
85,984
43,054,831 Other electrical corporations © 1.69c.
627,777
552,437
1,569,484 Breakdown service © 8 .3 1 c__________
130,351
119,209
39,653 Miscellaneous sales of current @ 7.57c.
3,003
16,005
288,084,122

Total sa le s ................................ ...........$18,003,480 $16,545,860
Miscellaneous revenue________________
47,626
7,398

Total operating revenue____________ $18,051,106 $16,553,258
Production expenses...........................................
$2,155,258 $2,133,661
Distribution and repairs............................
1,711,350
1,488,863
Utilization expenses______ ______
818,950
772,093
Commercial expenses______________________________
791,985
713,554
General e x p e n s e s ...________
974,391
808,563
General a m ortiza tion ______________________________ 2,381,483
2,164,819
Miscellaneous .................
577,737
471,395

x After crediting adjustment of special franchise taxes and interest, 1901-1909,
inclusive, $430,300; Interest from City of N. Y. on deferred lighting bills, $86,877,
and debiting sundry other adjustments aggregating (net), $15,603.
-

T otal operating expenses.
Taxes _
U ncollectible bills_________

$9,411,154
1,186,867
87,220

$8,552,949
1,115,543
142,063

NEW YORK MUTUAL
1910.
S
Assets —
Fixed capital........ 3,460,582
Free Investments. 1,034,152
Casli------- --------- - 1,350,836
Accts. recelv. with
associated co s ..
Accts. recelv. with
29,157
n»City of N. Y ---109,280
Consumers’ accts.
19,980
Other accounts..
82,636
Materials & supp.

Total revenue deductions.
Operating Incom e_________
Non-operating Incom e______

$10,685,241
$7,365,864
. a l , 150,509

$9,810,555
$6,742,702
1,004,030

GAS CO. BALANCE SHEET DECEMBER 31.
1909.
1910.
1909.
$
L ia b il it ie s —
$
$
3,429,550 Capital stock........ 3.436,600 3,500,000
1,086,253 Taxes accrued___
441,555
50S.047
1,032,720 Dividends declared
137,464
103,098
Consumers’ depos.
182,827
179,392
7,335 Misc. accounts___
114,245
177,056
Renewal & contlng
24,196
account; accrued
113,645
amort, of capital
515,714
315,880
54,563 Reserves..............
65,894
54,595
82,180 Corporate surplus. 1,192,324
992,375

If T o t a l................ 0,086,623 5,830,442

T o t a l................ 0,086,623

5,830,442

STANDARD GAS LIGHT CO. BALANCE SHEET DECEMBER 31.
1909.
1910.
1910.
1909.
Liabilities —
Assets—
$
$
S
•S
Fixed capital........ 12,358,8S3 12,340,566 Capital stock........ 9,281,400 9,295,700
38,130
120,145 Mortgage bonds.. 1,195,000 1,285,000
Free investments.
29,568 9’axes accrued___
723,241
89.6S5
Bound investments
16,958
15,708
Cash_____ _____ 1,364,987 1,496,089 Accrued Interest._
186,520
191,3S7
Consumers’ depos.
Accts. recelv. with
3,612 Misc. accounts___
136,933
136,615
7,240
associated co s ..
Renewal* contlng.
Accts. recelv. with
account; accrued
City of N. Y __
93,780
11,547
80,417
amort, of capital 2,130,967 1,977,976
Consumers’ accts.
77,847
64,469 Reserves________
38,796
29,879
Materials * supp..
70.838
601,279
Other accounts__
21,956
28,139 Corporate surp__ *,890,703
Suspense-----------15.534
T o t a l................

14,256,785

T o t a l................ 13,966,962 14,256,785

* After adding adjustments of special franchise taxes 1900 and 1902-1909, $219,338
and sundry other Items aggregating (net), S6.159.
:
a
i .
CENTRAL UNION GAS CO. BALANCE SHEET DECEMBER
1909.
1910.
1910.
S
Liabilities —
$
S
Assets—
9,292,537
9,611.078
Capital stock........ 3,500,000
Fixed capital------282,368 Funded debt........ 3,555,000
290.521
Free Investments.
113,963 raxes accrued___
355,402
124,182
Cash . . . -----------Consumers’ depos.
227,684
Accounts recelv.—
129,582 Misc. accounts___
45,081
161,397
197,982 Renewal* contlng.
45,065
Cltv of N. Y __
5.3,422
74,636
account; accrued
Consumers’ accts.
6.3,173
44,218
amort, of capital 826,68.3
Other accounts__
94,655 Reserves, &c____
89,652
56,046
Materials * supp ..
7,960 Corporate surplus. 2,136,707
2,046
Pre-payments, &c.

31

1909.

$
.3,500,000
3,555,000
379,374
213,075
158,569
699.273
43,926
1,686,425

T o ta l................. 10.5S7.699 10.235.642
T o t a l.............. . 10,587,699 10,235,642
NORTHERN UNION GAS CO. BALANCE SHEET DECEMBER 31.
1909.
1910.
1910.
1909.
s
Liabilities—
S
$
Assets —
5
Fixed capital........ 3,536,006 .3,543,026 Capital stock.. . . 1.500,000 1,500.000
7.797 Mortgage bonds.. 1,250,000 1.250,000
9,039
Free Investments.
21,094
100,155
120,000
59,657
Accts. recelv. with
Int. & taxes accr’d
153,622
associated co s ..
231,101
66,672
2,22.3 Due assoc, cos___
119,922
Accts. recelv. with
Misc. Dills payable
235,000
City of N. Y . . .
111,558
75,735
291,755 Consumers’ depos.
99,729
Consumers’ accts.
30,584
44,873 Misc. accounts___
4.3,618
25,919
Other accounts__
4,936
3,188 Renewal* contlng.
271
Int. & divs. recelv.
23 4
account; accrued
11,357
Materials * supp..
5.S16
amort of capital 271,188
219,797
630
596 Itesorves . . ____
Pre-payments----9,128
7.7117
365,141
188,816
Corporate surplus.

Gross Incom e........................................ ........................$8,516,373 $7,746,732
Deductions from incom e__________________________ £>$2,695,027 $3,026,925
Dividends ( 6 % ).................... - ......................................... 2,897,100
2,703,060
Balance, surplus_______________________________

$2,024,246

$2,016,747

a Consists of interest revenues, $1,041,648 (Including $810,313 interest on
securities and $3,230 on loans to electrical subway com panies); dividends,
$95,515, and misc. rents, &c. (net), $13,346.
b Includes In 1910 Interest on funded debt, $1,812,348; Interest on loans
from associated cos., $731,852; int. on consum ers’ deposits, 87,998; int.
on taxes in dispute, $59,421; rent of other plant (good-will of Brush Elec.
Ilium. C o.), $47,056; other rents, $3,750; amortization of debt discount
and expense, $37,212; amortization of premium on debt (C r.), $5,661.
Miscellaneous Information ( Number o f Consumers, cfee.), Dec. 31.
1910.
1909. I
1910.
1909.
Consumers, N o . 100,059
184,9951 A rc lamps. N o . .
41,493
(?)
Meters, N o _____ 121,853
(?)
Incandes. lamps,
(?)
Connected load
N o ----------------- 4,342,933
(50 w. equlv.) .8,595,555 7,433,289 |
NEW YORK EDISON CO. BALANCE SHEET DEC. 31.
1910.
1910.
1909.
Assets_
S
S
Liabilities—
8
Fixed ca p ita l... 115,341,800 111,750,556 Capital stock__ 50,183,071
Free Investm’ts 10,919,225
9,288,031 Mortgage bonds 38.0S0.110
Bound Invest’s. 1,609,456
1,609,456 Misc. fund, debt
662,512
3,281,908 Int.&taxes accr. 1,626,144
Cash _________ 1,916,315
Special deposits
681,147
97,770 Due assoc, co s .. 12,SOI,519
Bills receivable.
200,941
30,275 Consumcrs’dcpos. 299,775
Accts. receivable—
Misc. accounts.
812,752
Assoc, c o s ...
117,276
63,275 Unamortized
City of N. Y . 1,083,419
2,201,308 prem. on debt.
214,643
Consumers’accts. 1,765,808
1,760,123 Renew. &conting.
Other accounts.
249,238
1,349,289 acct.; accrued
Int. & divs. rec.
546,833
507,878 amort, of cap . 11,180,375
Mat’ls & supplies 2,068,486
1,888,343 Casualties and
148,489
.Suspense______o l ,474,147
1,416,944 insur. reserve.
Prepaym’ ts, &c.
8,575
44,986 Oth. res’ves, &c. 61,591.437
Corporate surp_r20,381,839
T o ta l............ 137.982,666 135,290,142

1909.
S
45,080,671
43,417,884
662,512
4,133,435
14,220,012
246,165
999,933
220,304
9,143,500
148,489
86,784
16,930.453

T o ta l............ 137,982,666 135,290,142

a Includes construction work in progress, $1,469,121.
6 Other reserves, &c., in 1910 Include $531,190 for Insurance participation, $559,S25 for redemption of bonds and $447,948 for suspense. ’ Other additions to
surplus, Interest included In part settlement to old disputed bills.”
c After adding $5.85,008 for reduction In amount of special franchise and real
estate taxes (1903-1909) and deducting $49,400 for amortization of premium paid
on S988.000 bonds redeemed and sundry other items aggregating (net) $8,469.
—V. 92. p. 1704, 1568.

Economy Light & Power Co.
{Report for Fiscal Year ending April

3 0 1 9 1 1 .)

P r e s i d e n t S a m u e l I n s u ll s a y s i n t h e r e p o r t :

The com pany’s business has shown a substantial growth during the year
covered b y this report. The suit referred to in the last annual report,
brought b y the U. S. Governm ent, questioning the right o f the com pany
to construct a dam In the Desplalnes R iver on the th eory th a t It is a naviga­
ble stream, is still pending.
IN C O M E AC C O U N T.

T o t a l................ 3,841,391 3,920,602
T o t a l................ 3,841,391 3,920,602
1910-11.
1909-10.
1908-09.
1907-08.
ASTORIA LIGHT, HEAT * POWER CO. BALANCE SHEET, DEC. 31.
Equivalent 16 c. p. lamps
1909.
1910.
1909.
1910.
connected end of year
307,631
266,220
191,014
167,340
s
S
Liabilities —
s
S
Assets—
Gross earnings......... ..
$430,375 . $406,746
$310,402
$276,88
500,000
Fixed capital. . . 2,476,301 11,049,716 Capital stock____
500,000 Expenses
................ ......
216,231
217,654
133.739
119,892
45,584 Mortgage bonds..
375,000
65,205
Free Investments.
375,000
Cash ....................
75,384
13,109 Int. & tax. accr’ d .
115,768
107,929
N e t . . . ........................ ..
$214,144
$189,092
$171,663
$156,989
Due assoc, cos .10,507.302 10,207,302
Acc’ts rec. with
i n t e r e s t ...............
79,813
75,742
65,325
64,146
240,703 Mlscl. accounts.assoc, cos..........
360,332
258.046
146,020 !j Bond
Dividends ( 2 ^ % ) -------75,000
______
______
______
29 Ren’Is & contlng.
Consumers’ acc’ ts
34
87.344
Other accounts. _ _ 112,539
account, accr’d
S u rp lu s _______ ______
$59,331
$113,350
$106,338
592,843
452,804
668,193
Material * suppl’s 509,648
amort, of ca p ..
466,156
Dividends o f M of 1 % are paid quarterly (Q .-F .), the first distribution
65,448
45,584
Reserves............ 905.175
Corporate surplus.
641,298 j being made May 1 1910. The deductions above, therefore, include 5 quar­
terly paym ents, the last m ade May 1 1911.
13,497,216 12,489,289
Total
T o ta l................
...
T o ta l................ 13,497,216 12,489,289 I — V . 92, p. 1502.




THE CHRONICLE

40

B A L A N C E S H E E T A P R IL 30.
1911.
1910.
1911.
1910.
Liabilities—
$
S
Assets
•$
$
Plant, real est., & c. .4,990,044 4,869,438 Common stock_____3,000,000 3,000,000
Material on ha n d .-65,483
15,918 First mtge. bonds__ 1,621,000 1,546,000
39,062
Equalization acc’t ...................
10,112 Acc’ts & bills pay, __ 28,858
41,424
Acc’ ts & bills rccclv.
85,696 123,911 Accr’d lnt. & rentals 40,258
15,000
...........
36,299
20,183 Dlv. May 1..............
Cash .............- .........
Surplus___________ 472,406 413,076
T o t a l.................... 5,177,522 5,039,562

T o ta l.................... 5,177,522 5,039,562

United States Cast Iron Pipe & Foundry Co.
(Results for Fiscal Year ending May
IN C O M E ACCO UNT.
1909-10.
1910-11.
$636,712
$536,711
Manufacturing In com e,.
66,580
93,798
Other incom e___________
Total Income_________
Deduct—
Interest on bonds______
Reserve for lm prov’t s , ,
R cs’ve for doubtful acc’ts

$630,509

$703,292

$90,000
44,140

$90,000
54,900

Total deductions_____
Balance for yea r_______
Previous surplus.
Transf’d from “ Reserve
for add’l work. ca p .” .

$146,140
$484,369
35,512

$156,900
$540,392
164,120

12,000

250,000

31

1 9 1 1 .)

1908-09.
$184,354
90,377

1907-08.
$637,618
136,656

$274,731

$774,274
$90,000

12,000

200 ,000

$910,512
$382,870
(7)875,000(1 54)218,750

T o t a l ________________
Preferred dividends____
Common dividends_____
Im provem ent reserve___

$625,000
$875,000
$144,881
$35,512
BALANCE SHEET M A Y 31.
1911.
1910.
1911.
1910.
S
S
Liabilities—
Assets—
S
5
Plant Investment.24 ,084,986 24,106,731 Pref. stk. outst’g. 12.500.000 12.500.000
347,555
347,555 Com. stk. out’stg. 12.500.000 12.500.000
Treasury stock__
Amer. Pipe & Fdy.
Bonds Amcr. Pipe
bonds .............. 1,500,000 1,500,000
& Fdy. Co. and
sinking fund__
611,913
611,544 Accts. & bills pay. 2,469,402 2,794,257
Cash .............
382,790
363,109 Reserve for work­
ing capital........ 1,800,000 2,050,000
Raw and manufac______
tured materials. 2,599,991 2,730,633 Reserve for doubt­
33,276
29,360
ful accounts...
Accounts receiva­
100,000
100,000
ble. &e________ 3,020,324 3,349,557 Insurance reserve.
35,512
144,881
Surplus................
T o t a l ___________
Surplus end of year

.

T o ta l.................31,047,559 31,509,129
—V. 91, p. 468.

T o ta l................ 31,047,559 31,509,129

Greene Consolidated Copper Co., New York.
(Report for Fiscal Year ending Dec.
T h is c o m p a n y o w n s
C o n s o lid a te d C o p p e r
w h i c h a r e lo c a t e d a t
W . D . T h o rn to n , N ew

3 1 1 9 1 0 .)

th e e n tir e c a p it a l s to c k o f th e C a n a n e a
C o ., S . A . , th e m in e s a n d w o r k s o f
C a n a n e a , S o n o r a , M e x ic o .
P re sid e n t
Y o r k , M a y 2 4 , r e p o r t s in s u b s t a n c e :

Refined copper production for the year, from Its own ores, by the Cananea
Consolidated Copper Co. was 36,921,309 lbs. The price received for copper
delivered was 12.953 ets. per lb., and the price received for the production
of the year, all of which has been sold, was 12.621 ets. per lb., upon which
latter figures earnings are based. The value of precious metals per ton of
fine copper was $28 14, as against $21 68 for the previous year.
During the year the Indiana-Sonora Copper & Mining Co. anti the Sierra
de Cobre Alining Co. were liquidated and the physical properties were trans­
ferred, 60% to the Cananea Consol. Copper Co. and 40% to the Cananea
Central Copper C o., as represented by their respective stock holdings. The
$2,318,008 notes of VV. C. Greene Included heretofore in current assets and
liabilities have been transferred to deferred assets, on account of the uncer­
tainty o f their collection.
. . . »
Dr. Ricketts in Ills report calls attention to the heavy expenditures for
construction and betterments during the year, amounting to the sum of
$684 097, and. pursuing our usual policy, wc have charged the entire
am ount olT to depreciation. The Item, therefore, of $459,202 represents
the actual profit remaining after deducting expenditures of all kinds.
R e p o r t o f L . D . R ic k e t t s , G en era l M a n a g e r , C a n a n e a , M c x .. J a n . 1 1 9 1 1 .

During the year 52,161 feet of developm ent work were driven (against
46 911 ft In 1909), not including sub-drifts, raises, &c., made In ore ex­
traction
In the first half of the year it was decided notably to decrease
our production by closing down the Puerteelto, Henrietta and Veta Grande
mines. The Combination Tunnel was connected with the Elisa mine in
February. This tunnel passes through the Sierra dc Cobre property for
about 2,600 ft., then enters Cananea ground and connects with the Elisa
mine about 1,000 ft. further on atalcvelof 4 0 ft. below itsdeepest workings.
The tunnel has been equipped with 35-lb. rails, trolleys rind four-ton ore
cars. The most Important developments In the Elisa mine have been on the
fifth level. We have raised the grade of the ore from this mine and gready
increased the tonnage In sight. All the ore Is now delivered directly to the
railroad In Capote Basin by gravity through the Combination tunnel.
Capote Shaft No. 2 was pumped out and electric pumps installed on the
10th level. A considerable amount of ore, some of It first-class smelting
ore, has been discovered between the 5th and 7th levels..
In the Oversight mine the ore at the southeast end is largely concentrating
ore, but wc have found the area much larger than It was In 1909, and have
opened up several acres of new ore. The area referred to connects with
other known ore and Is now a continuous body about 1,100 ft. In length and
with a width that varies from fifty to several hundred feet. W e have also
discovered ore on the northwest end In lesser quantity. In the Veta Grande
mine we opened up a large tonnage of lean concentrating ore, but It will
■not run more than 2 % ; there Is still much ore of a grade above 3 % , but it
cannot be taken out advantageously until the leaner ore above It Is mined.
The Kirk, mine has maintained its tonnage most satisfactorily. The ore
Is basic and very desirable for the smelter. On the fourth level the ore
body has been shown to be richer than on any other level except possibly
the first. On the north side the ore chute seems to dip at an angle of not
over 30 degrees, but promises to produce a large tonnage of basic, limey ore
containing about three ounces o f silver and 3% copper. The old Cobre
Grande has been reopened for converter lining.
, ,
,
B y far the most Important developm ents have been made in the Sierra
de Cobre property. We have sunk a shaft from N o. 3 tunnel to the Combi­
nation tunnel level 459 ft. vertically below, and have discovered the main
ore body on the first three levels of this shaft, which arc the only ones on
which developm ent has proceeded far enough to reach the ore zones. We
have also found a large body of ore containing about 3.5 % copper and nota­
ble silver values on the Combination tunnel level about 700 ft. cast of the
Eureka shaft, and we have reason to believe that we shall get a practically
continuous scries of ore bodies from this level to the surface. It also looks
as if there would be bonanzas o f ore along the Eureka fault plane. The ore
shipped during the year has averaged between 4 .5 % and 5% copper, a
trifle over 4 ounces of silver and 2 0 o r 3 0 cts .!n gold per ton, and the devel­
oped ground below promises that this grade will be maintained. There can
be no doubt that we have several times Increased the tonnage of ore In sight
with a most promising ground to be developed.
Cost o f M ining.— The cost of mining was $2 75 per ton, as against $„ 22,
$2 13 aud $3 28 for the three previous periods. This Increase Is accounted
for by the extraordinarily heavy developm ent work and by the tact tnat there
has been a greater tonnage of smelting ore mined In com parison with con­
centrating ore.
The tonnage produced at the various mines and the average costs per ton,
including Improvements and betterments, were: Puerteelto, 27,047 tons
at $3 418; Henrietta, 26,745 tons at $4 094; Elisa, 57,652 tons at $4 23o^
Capote, 21,8 13 tons at $9 702: Oversight. 378.972 tons at $1761: Veta
Grande, 115,024 tons at $1 796; Kirk, 108,514 tons at $3 901; Cobre Grande,




[V O L . L X XXXI1I

15,110 tons at $3 566; 60% S. de Cobre, 44,143 tons at $4 023; total, 795,­
050 tons at $2 751.
.
.
,
In the reduction division the cost per dry ton of new copper-bearing ma­
terial treated has been as follows: 1907, $6 82; 1908, $3 86; 1909, $3 09;
1910, $2 69. The improvements made during the year or to be finished
by June next are very extensive. A fter June 1911 the total cost of the re­
duction division per ton of new copper-bearing material should not exceed
$2 25.
_
. , „
Power House.— W e have placed a contract for three years for fuel oil
from the Bakersfield district at a reduction In cost of about $5,000 a m onth.
The power house costs during the year have been $6 54 per horse-power
m onth. It would now appear that we shall obtain our power for less than
$6 per month and possibly at not exceeding greatly $5. The fact that we
have com pletely electrified all of the mines as to lighting, traction, pum ping
and hoisting has been Indicated above.
■
Mining and Beneficiating.— The copper costs were (per lb. of copper): •
Gross costs, f.o .b . Cananea, $0.102091; freight to N. Y ., export
■
tax, refining, marketing, interest, &c., $0.017105; tota l----------$0.119196
Credit: Precious metals, $0.014072; miscell. at Cananea, $0.008485 0.022557
Total cost fine copper sold In 1910-------------------------------------------- $0.096639
T otal cost In 1910, adding depreciation ($ 0 .1 8 5 0 1 )................. ........ $0.115140
The total cost of mining and beneficiating a ton of ore, including every
cost until the refined product has been sold has been:
Yr. ’ 05-06. 15mos.’ 06-7 5 2-3mos.’ 08 Year 1909. Year 1910
Cost per to n ......... $10,210
$7,625
$5,976
$5,459
295,554
83.>,9-9
792,8o6
Tons treated_____ 947,977 1,305,291
The increased cost In 1910 is entirely due to the heavy depreciation charge
of $0.86 per ton. which covers all improvem ents, betterments and construc­
tion during the year. The actual yield per ton of ore beneficlatod was 4 6 .08
lbs , as against 44.12 lbs. for 1909. W e hope to bring the yield per ton up
to 50 lbs. or slightly above. If this can be done, we expect to make copper
for 9 ets. or less after June next, when all construction contem plated shai
have been com pleted.
nnn
Construction and betterments for 1910 have aggregated about $684,000.
The work of construction will not be com pleted until June 1911; the cost
should not exceed $300,000, and for a long time to com e I can see no heavy
construction or improvements required.
„
.
Late In 1910 we com pleted a contract with the Miami Copper Co. b y
which we agree to beneheiate their concentrates to a total of 80,000 tons ol
copper in concentrates. This material is exceedingly rich and contains
little but copper glance and silica and alumina.
Tonnage o f Cananea Consolidated Copper Co. (wet tons).
1910.
1909.
1910.
1909.
835,929 D om . ore m illed____ 509,228 602,366
Dom . ore treated 792,313
225,607 For. ore m illed_____ 160,925 205,995
For. ore treated 221,005
T o ta l........... ...1,013,318 1,061,536
T o t a l ........................670,153 808,361
Domestic ore mined________________________________________ 795,0o0 826,364
Ratio of concentration, domestic ore milled, 2.869 tons Into 1 In 1910,
against 2.93 tons into 1 in 1909; foreign ore milled, 5.157 tons Into 1 In 1910,
against 5.19 tons Into 1 In 1909.
Bullion Product (lbs.). — F ine Copper (lbs.) —
1909.
1910.
— Production—
1910.
1909.
36,921,309 37 ,015,445
Dom estic ore______ ______37.342,556 37,338,236
8,758,836
7 ,532,244
Foreign o re___________8,858,760
7,598,129
T o t a l ............................... 46,201.316 44,936,365
---------Silver (ozs.)--------1909.
1910.
627,690
Domestic ore____________
816,356
305,859
Foreign o r e ............ ...........
368,624

45,680,145 44,547,689
-------- Gold (oss.)1909.
1910.
3,815
3,726
2,062
1,742

T o t a l ............................... 1,184,980
933,549
5 V46fL , „
5,877
R ecovery from dom estic ore treated was as follows: In 1910, copper,
2 .329% ; silver, 1.0317 ozs.; gold, 0.005 ozs.; in 1909, 2 .2 0 6 /o , 0.7ou oz.
and 0.0046 oz., respectively.
C A N A N E A C ON SOLIDATED COPPER CO. A UDITOR’ S R E PO R T
1908.
1909.
1910.
T otal earns, on copper, gold and sliver
and net earns, oti mlsc. revenues-- $5,592,051 $5,510,846 $2,427,330
T otal expenditures on account of
4,408,287
1,821,030
copper, gold and silver------------------- 4,407,301
Deprec’ n of construction & im prov'ts;
820,446
558,452 ____________
In 1908, sundry expenditures, &C-034,097
Net
...........................»sur.$500,653 sur.S544.107 def.$214,140
’•‘From the balance as above In 1910 was deducted $41,451 for dliect
charges to profit and loss, leaving $459,202.
CURREN T ASSETS A N D IN A B IL IT IE S C A N A N E A CON SOLIDATED
COPPER CO., S . A ., DEC. 31.
1908.
1909.
Assets—
$1,844,986 $1,090,545
Cash and product on hand___________ $1,920,400
59,557
52,265
Ores, concentrates, & c----------------------1$2’ 52?
1,693,437
1,588,756
Supplies, fuel, lumber, & c----------------1,40T’ S2i
2,335,088
2,324,685
Notes receivable_____________________
4,632
433,568
320,329
Accounts receivable.......................... ..
717 .03G
117,484
119,665
Net assets of Banco de Cananea-------100,103
400,000
AItge. on Sierra Aladre & Pacific R R .
$4,331,354 $6,250,686 $6,729,679
Liabilities—
1,425,500
1,531,674
1,589,017
Assets In excess of liabilities-------C A N A N E A CONSOL. COPPER

Capital expenditures

$2,741,437 $4,719,012 $5,304,179
CO.— C O M P A R IS O N OE F I X E D
DEC. 31.
1908.
1909.
1910.
$9,163,594 $8,229,523 $7,953,419
1,492,523
1,054,567
708,114
$9,871,708
684,097

Depreciation

$9,722,046
558,452

$9,007,986
778,463

Fixed assets ——_- ______—_______- $9,187,011 $9,163,594 $8,229,523
CU R R EN T AS SETS A N D L IA B IL IT IE S GREENE C ON SOLIDATE D
COPPER CO. DEC. 31.
1908.
Assets
$151,289
Cash
5,000
Items In suspense
40,625
Accounts receivable
1,372
Due on subscription
Total
Liabilities—
Unclaimed dividends

____________ ____________ _

$3,028
$82,863
$197,517
Assets In excess of liabilities---------S U M M A R Y C U R R E N T AS S E TS A N D L I A B IL IT IE S .
1910.
1909.
1908.
$3,028
$82,863
$197,517
Greene Consolidated Copper Co —
2,741,437
4,719,012
5,304,179 _
Cananea Consol. Copper C o., S. A —
____ ___________

Total assets in excess of liabilities-- $2,744,465
— V. 91, p. 272.

$4,801,875

$5,501,696

Utah Consolidated Mining Co.
(Report for Fiscal Year ending Dec.

31

P re sid e n t U r b a n I I . B r o u g h t o n , M a rc h 2 0

1 9 1 0 .)
1 9 1 1 , w ro te :

M in e.— There were mined 177,044 tons of sulphide ore and 182,204 tons
were shipped to smelters.
..................
,
J. B. Risque, manager, resigned Sept. 1 1910, when R . II. Channlng Jr
vas appointed consulting engineer In charge of mining operations. Follow-

sight are estimated at 381,000 tons. The sum o f $118,709 was expended
on exploration and developm ent, which is larger than In any previous year
An Important developm ent, as far as grade is concerned, has been made

on the lowest level of the mine, where, within the last m onth, a h o d y of ore
averaging 4 H % copper has been opened. Sufficient time has not elapsed
to develop this so that tonnage figures can be given.
International Smeltina & ReJtniiK! Co.— The
tlio mine with the smelter of the International Smelting & Henning Go. at
T ooele is working satisfactorily, and has proved its contract-carrying
o m n ritv
The working of smelting contract made with the International
Smelting & Refining Co. has borne out the estimate of saying of a dollar a
ton ? as against shipping to the Garfield Smelter under the contract with the
Gap?oducffonC—'^ o p e r a t i o n s for the fast 4 m onths showed considerable
Improvem ent, which has continued during the first 2 m onths of the present
vear
The product of the 182,204 tons shipped, partly to the Garfield
Smelter and partly to the Tooele Smelter, was 7,489,471 lbs. of fine copper,
154 321 08 ozs. of fine silver and 14,802.31 ozs. of fine gold.
Treasurer's Report.— The Treasurer’s statement shows a net profit for the
year of $65,349 (21.7c. per share) and a surplus of $322,239.
E x t r a c t s f r o m R e p o r t o f F r e d e r ic k C o w a n s , G e n e r a l S u p e r i n t e n d e n t , a n d
R . H . C h a n n i n g J r . . C o n s u lt i n g E n g in e e r , d a t e d M a r c h 8 1 9 1 1 .

There were mined 177,044 and shipped 179,224 tons of copper ore averag­
ing 2.458% copper, 0.0843 ozs. gold and 0.9627 ozs. silver. Of this tonnage
414 Q82 tons were shipped to the American Smelting & Refining Co. s
sme’lter at Garfield, Utah, which com pleted our contract, and 64,542 tons
to the International Smelting & Refining C o.’s smelter at Tooele, Utah,
under our smelting eontract with them. In addition there were shipped to
the latter plant 2,980 tons of furnace bottom s and cleanings from our old
smelter, and these yielded net 383.087 ozs. gold, 5,117.81G ozs. silver and
222,780 lbs. copper.
.
,
,
, ,
,
.
.
During the year 11,433 feet of exploration and developm ent work was
done. This was carried on in three directions: (1) The hitherto unexplored
territory to the west of the former mine workings was partially explored
without favorable results. This work will be continued during the coming
year. (2) Explorations in the area of and to the north of the present
workings In the upper levels resulted In the finding of some small ore bodies.
(3) Most Important was the work of sinking to, and partial developm ent
of, No. 10 level. Ore was struck on this level near the close of the year,
and the opening up of the ground has been pushed with results satisfactory
both as to tonnage and grade.
,,
,
_
The unsuitable location and Insufficient capacity of the old shaft below
the N o. 7 level made its further extension undesirable, and a new 3-com ­
partment working shaft has been started at a point central to the known
ore bodies as a means of opening up the mine in depth and aHoidlng facilities
for the economical extraction of larger tonnages from the lower levels.
There Is In sight in the mine 381,000 tons of ore averaging 2 .44% copper.
0 05 ozs. gold, 0.63 ozs. silver. Maps showing In detail the location of
each block of ore making up the tonnage arc attached to the report:.
R ecent mine developm ents have been on the whole favorable, and the
Indications arc for the continuation of the ore bodies in depth with main­
tenance of size and value.
P r e sid e n t

B ro u g h to n

in a c ir c u l a r d a t e d M a r c h

10 , say s:

In March 1900 I becam e President of the Highland Hoy Gold M ining Co.
then the property of the Utah Consolidated Gold Mines, L td ., and subse
nuently absorbed by the Utah Consolidated Mining Co. A t that time the
Highland B oy Gold Mining Co. was operating a smelter of 225 tons dally
capacity and has not paid any dividends. Contracts were in existence
for the refining snd selling of the com pany’s product. During m y manage­
ment the com pany’s smelter was Increased to 780 tons daily capacity: the
costs o f refining and selling were materially reduced, 3 additional mining
olatms were purchased, the stockholders were paid in dividends $8,600,000,
or 573% on the capital stock: a 10-year contract for the smelting of the
com p any’s product was entered Into upon favorable terms to the com pany.
A t the end of 1907 the Utah C o.’s smelter was closed b y reason of a
decision of the Circuit Court of Appeals, causing a serious loss to the com ­
pany which loss has been written ofT from profits. The causes of the
decline In the com pany’s earnings arc the grade of the ore encountered, and
low m ice for copper prevailing during the last tw o years. Dividends were
suspended In 1910. The com pany has a surplus of $322,239, and I believe
will be a dividend-payer in the future.
PR O F IT A N D LOSS AC C O U N T YE AR S E N D IN G DEC. 31.
1907.
1908.
1909.
1910.
$1,509,045 $2,035,744 $2,187,259 $3,744,033
Refining, freight, selling
227,153
141,401
158,137
121,307
expenses, & c------------A d d stock of bullion end
of yea r______________
Miscellaneous Incom e___

41

THE CHRONICLE

J uly 1 1911.1

$1,387,738

$1,877,607

$2,045,858

$3,517,380

628,572
43,779
$2,060,089

806,374
18,044
$2,702,025

935,362
24,454
$3,005,674

1,091,533
58,048
$4,666,961

Less stock of bullion at
1,727,892
1,091,533
035,362
806,374
b e g in n in g ......... ..........
Total net incom e____ $1,253,715 $1,766,663 $1,914,141 $2,939,070
Deduct—
$582,866
$461,711
$480,036
$392,798
Mining expenses----------107,156
73,441
108,850
118,709
E xploring & developm ’ t.
6,537
85,660
1,307
12,144
Mine plant, <5cc., writ, oil’
1,015.178
921.239
982,392
606,508
Smelting exp en ses-------47,921
45,778
39,815
58,207
Miscellaneous expenses .
$1,188,366 $1,612,400 $1,587,829 $1,759,658
$326,312 $1,179,412
$65,349
$154,263
Balance, surplus.
2,451,228
406,890
1,530,640
1,256,952
Previous surplus.
$3,630,640
$1,856,952
$472,239 $1,411,215
$600,000 $2,100,000
$600,000
$150,000
(40)
(40)
(140)
(10)
Per ce n t--------------------Transferred to smelter
404,325
prop. & reallza’n acct.
$406,890 $1,256,952 $1,530,640
$322,239
Total surplus Dec. 3 1 .
BALANCE SHEET DEC. 31.
1910.
1909.
1909.
1910.
s
s
Liabilities—
S
$
Assels—
762,338 Capital stock............ 1, 500,000 1,500,000
Cost of prop’s, &e__ 0850,195
52,500 Sundry creditors------ 260.185 308,965
Smelter property__ 638,802
10,000
10,000
1,073
34,277 General reserves----Debtors _..................
Cop. bull. * supplies 695,888 857,892 Profit and loss.......... 322,239 406,890
Int. S.& Ref.Co. stk. 500,000 500,000
17,169
3,978
Cash ........................
1,679
2,488
Miscellaneous...........
2,092,424 2,225,855

T o ta l.................... 2,092,424 2,225,855

a Includes cost of acquiring properties, &c., of the Highland Boy Gold Mining Co.,
Incl. expenditures to Dec. 31 1909, $762,338: add expenditure during year, less
credits, S87.857.
, „ „„ „„„ ,
,
6 Consists of estimated valuo of property not realized, $52,500, less realization
during year, $13,698.—V. 92. p. 1315, 1120.

Dividend Record (Per Cent) oj Common Stock— Calendar Years.
1902.
1903.
1904.
1905.
1906.
1907.
1908.
1909.
1910.
1 14
3
3
3 Yi
4X
5H
6
7K ‘
8M
T he annual rate was Increased to 10% in Dee. 1910. The pref. receives
7 % yearly.
B A L A N C E S H E ET N O V . 30.
1907.
1908.
1909.
Assets—
1910.
E stab.
plants,
leaseholds, <5cc__________ $5,754,810 $4,813,549 $4,618,685 $4,357,008
R es. fund, real estate &
235,156
268,849
190,223
328,575
cash in b an ks. ____
197,541
246,287
209,524
378,858
Cash on hand and in bks
794,600
855,100
794,600
765,100
Stocks o w n e d . . . .
.
206,939
253,193
249,822
292,164
Notes rcc. open accts.,& c
54,131
47,555
55,293
66,099
M crch. in ven tory______
T otal . _____________ $7,585,606
Liabilities—
$3,000,000
Comm on s to c k __
Pref. (7?(, cum .) s t o c k .. 2,499,900
581,003
Notes & accts. p a ya b le.
328,575
Reserve account .
Surplus _______
1,176,123

$6,440,155

$6,195,476

$5,812,425

$3,000,000
1,765,900
517,856
268,849
887,550

$3,000,000
1,741,000
451,096
235,156
768,224

$3,000,000
1,469,800
391,055
190,223
761,347

T o t a l ________________ $7,585,606

$6,440,155

$6,195,476

$5,812,425

* Less depreciation o f $592,420.— V . 91, p. 1449.

Columbus (O.) Gas

.30 1 9 1 0 .)
_
O r f a s u b s e q u e n t p a g e is a d e s c r i p t i o n o f t h e b o n d is s u e o f
t h e ? a lli c d C h ild s R e a l E s t a t e C o .
T h e C h ild s C o m p a n y n o w o p e r a t e s s o m e 7 2 r e s t a u r a n t s ,
l o c a t e d in N e w Y o r k C i t y ( 3 6 ) , N e w a r k ( 2 ) , P h i l a d e l p h i a ( 9 ) ,
A t la n t ic C it y , N e w H a v e n , B a lt im o r e , S y r a c u s e , P r o v id e n c e ,
P it ts b u r g h
( 2 ), B o sto n (2 ),
B u ffa lo ,
M o n tr e a l, C h ic a g o ,
B r o o k ly n ( 2 ) , P a te r so n a n d T o r o n to .

IN C O M E AC C O U N T FOR Y E A R S E N D IN G N O V . 30.
. i .
1909-10.
1908-09.
1907-08.
GrossTfprofits............................................
$687,385
$584,417
$406,736
Dividends p a id ___ _________________
422,294
348,223
292,422
Surplus for year__________________
Previous surplus*____________ _____ -

$266,090
911,038

Totalfsurplus........................................$1,176,128

$236,194
651,356

$114,314
653,910

$887,550

$768,224

•After amount* transferred to roservo and depreciation accounts.




•

Fuel Co.
3 1 1 9 1 1 .)

IN C O M E A C C O U N T FOR Y E A R S E N D IN G M A R C H 31.
1910-11.
1909-10.
1908-09.
1907-08.
Net in com e.......................
$378,997
$452,464
$297,087
$348,083
Pref. dividend ( 5 % ) . , .
$275,000
$275,000
$275,000
$275,000
______
______
______
Comm on dividend (1% )
27,500
Surplus for year_____

Assets—
Property, plant &
equipm ent___
Artificial gas plant
Material & supplies
Cash ....................
Government bonds
Acc’ts receivable..
Ammonia, coke.
tar, meters, &c.

$177,464

$76,497

T o t a l................ 10,405,702 10,379,378

$73,083

$22,087

BALANCE SHEET MARCH 31.
1910.
1911.
Liabilities—
5
S
Pref. stock outst’g
8,488,550 8,446,711 Com. stock outst’g
1,500,000 1,500,000 First mtge. bonds
78,331
Columbus Gas Co
79,615
130,706
30,905 Acc’ts payable__
140,192 Accrued taxes___
177,148 Accr’d int. on bds.
199,048
Surplus................
6,091
7,783

1911.
S
5,500,000
2,750,000

1910.
S
5,500,000
2,750,000

1,500,000
183,700
14,800
18,750
*438,452

1,500,000
197,393
17,277
18,750
395,958

T o t a l................ 10,405,702 10,379,378

* After deducting payment to City of Columbus for special assessment and ac­
crued interest against the Artificial Gas Co., $34,003.—V. 92, p. 1313.

Oklahoma Natural Gas Co.
,(Report for Fiscal Year ending Feb.
P re sid e n t G .
sa id

T.

B raden,

O k la h o m a

28

1 9 1 1 .)

C it y , A p r il 11

1911,

in s u b s t a n c e :

During the year we have continued to operate our system of pipe lines
supplying all o f the cities and towns through Central Oklahoma which were
mentioned in our last year’s report . In the field we laid 15 miles of 6-inch
field lines, connecting up about 60 millions additional gas to our Mounds
10-Inch line. W e have drilled 15 new wells, the m ajority of which were
purely wildcat wells, 8 being dry. The other 7 developed over 100,000,000
cubic feet. Last fall we arranged to sell gas from the H ogshooter field at
wholesale, and during the past winter the results have been very satisfactory,
about half o f our increase in earnings com ing from this source. Our con­
sumers have increased to 15,683, or 2,691 for the year.
F IN A N C IA L S T A T E M E N T FOR Y E A R E N D IN G F E B R U A R Y 28 1911.
Year end.
Year end. 14 M os. end.
Feb. 28 ’ l l . Feb. 28 ’ 10. Feb. 28 ’09.
$441,607
$205,416
Gross earnings_______________________
$683,832
Deduct—
$61,585
Gas purchased_______________________
$78,347
$194,951
Oper. e xp ., taxes, rentals, bad accts.
106,267
(F or two
157,843
charged oil and drilling wells______
92,677
years.)
Interest on funded and current d e b t -95,343
51,885
Profit and loss suspense item s_______
12,631
Dividends ( 1 % ) _____________________
40,000
D ep reciation ________________________
96,173
T otal deductions.................................
Net to surplus_______________________

$480,337
$203,495

$312,414
$129,192

$194,951
$10,465

BALANCE SHEET FEBRUARY 28.
Liabilities—
1911.
1910.
Assets—
1911.
1910.
Investment_____ $5,633,996 $5,562,382 Capital stock..........$4,000,000 $4,000,000
300,783
277,789 Bonds..................... 1,591.400 1,791,400
Cash ................ ..
105,989
90,922
Accts. receivable.
105,762
181,808 Accounts payable.
Surplus____ - ___
343,152
139,657
T o ta l......... $6,040,541 $6,021,979
T o ta l................ $6,040,541 $6,021,979
Note.—$200,000 ofbonds were retired March 1 1911, leaving a bond liability of
$1,391,400 outstanding, $200,000 of which will be retired on March 1 of each year
hereafter. The bonds are first mortgage gold 6s, int. M. & S.—V. 92, p. 1037,

Buffalo General Electric Co.
(Report for Fiscal Year ending Dec.

31

1 9 1 0 .)

IN C O M E AC C O U N T.
1910.
$1,085,312
665.524
Operating expenses and taxes.

1909.
$967,456
599,723

1908.
$891,477
477,494

Non-operating incom e.

$419,788
43,448

$367,733
40,629

$413,983
49,787

Dlvidends (6 % ).

$463,236
$133,888
223,440

5408,362
$123,300
223.440

$463,770
$118,750
223,440

$105,908

$61,622

$121,580

Childs Company (Restaurants), New York.
(Statement for Years ending Nov.

&

(Report for the Fiscal Year ending March

BALANCE SHEET DEC. 31.
Liabilities—
1910.
1909.
Assets—
1910.
Capital stock........ $3,724,000 $3,724,000
Real estate, plant,
First M. 5s.......... 2,375,000 2,375.000
distribution sys69,000
243,000
$5,574,428 $5,229,839 First ref. M. 5 s . ..
55,518
910,840 Notes payable___
55,518
940,840
10,107
11,973
130,704
181,475 Consumers’ depos.
135.944
84,2591
162,580 Accts. payable__
Accts. receivable.
220.956
58,899)
45,572
69,535 Interest accrued..
Mater’Is & supplies
12,499 J
22,928
18,951 Taxes, <fcc., accrued
Prepaid taxes, &c.
55,860
Dividends payable
...........
Special deposit for
80,036
Reserves________ *121,723
57,149
bond int. accr’d
130,101
220,694
117,358 Surplus______. . .
Suspense account
$6,907,565 $6,720,578

Total.................. $6,907,565 $6,720,578

♦Reserves in 1910 Include unamortlied premium on debt, $690, and accrued
amortization of capital. $121,033.— V. 92, p. 628.

THE CHRONICLE

42

Canada Cement Co., Ltd., Montreal.
(Report for Fiscal Year ending Dec.
P re sid e n t

W illia m

C.

E d w ard s say s

in

31

1 9 1 0 .)

su b sta n ce :

The com p a n y’s strong financial position is disclosed b y the large am ount
o f cash on hand, and other quick assets, and the com paratively small
am ount of current liabilities. After providing for Interest on our bonds
and dividends on our pref. stock for the year, we have been able to set up
reserves for depreciation, extraordinary repairs and renewals, bad debts,
& c., and carry forward a substantial balance to surplus account.
The consum ption of cem ent during the past year was not as large as
anticipated. Our business also suffered on account of the railways not
being able to meet our full requlren'ents for cars during the heavy shipping
season; consequently, we carry over from last year 781,116 barrels of cem ent.
Early in 1010 the price of our product was fixed at a lower price than cement
had ever been sold for In Canada, excepting for a short period in 1909, but
the anticipated savings in manufacturing and distributing were such that
we were able to still further reduce this price. Considering these condi­
tions, and also the fact that during 1910 our plants were only operated
to 57.6% of their capacity, the profits shown should be deem ed satisfactory.
During the current year we look for a larger natural dem and.
The directors have arranged to purchase a site near W innipeg, on which
they will erect, this year, a mill to grind clinker, which clinker will be
shipped from one of our Eastern mills. A further agreement has been
entered into whereby this com pany expects to acquire, in the near future,
a property at Exshaw, which, added to our Calgary plant, and the pro­
jected plant at W innipeg, will put us In the position of anticipating any
extraordinary growth in the consum ption of cem ent in the Great W est.
.
R E SU LT S F R O M O P E R A T IO N .
.
Net
Bond
P ref. Div. Balance,
Period Covered—
P rofits.
Interest.
(7 % ).
Surplus.
Calendar year 1910____________S I ,177,698 $300,000 $735,000
$142,698
Period ending Dec. 31 1 9 0 9 .-. 4:150,296
1/75,000
-----------75,296
x These are the profits earned from the various dates the properties were
acquired to Dec. 31 1909.
y For three m onths ending D ec. 31 1909.
BALANCE SHEET DECEMBER 31.
1910.
1909.
1910.
1909.
Liabilities—
S
s
Assets—
S
S
Property account.27,134,787 27,134,787 Preferred stock.-.10,500,000 10,500,000
Invest’ts (at cost).
113,800
--------- Ordinary stock...13,500,000 13,500,000
1st M. 20-yr.go!d6s 5,000,000 5,000,000
Inventories of ce­
534.445
ment, coal. A c. 1,270,674 1,333,915 Accts. A bills pay’ le 255,797
586,942 Interest accrued..
75,000
75,000
Accts. receivable-.
425,857
183,750
20,590 Pf.dIv.pay.Feb.16.
Bills receivable__
6,325
18,955 Prov. for employees
Depos. on tenders.
14,424
stk. dlstrlb. plan
25,000
552,265
916,170
Cash------------------Reserve funds___ 0160,000
Deferred charges to
217,994
37,287 Surplus..................
75,296
operations_____
35,504
T o t a l.............. .29,917,541 29,684,741

Total

Chicago Lumber & Coal Co., St. Louis, Mo.
(Report for Fiscal Year ending Dec.
P r e sid e n t S .

H .

31

1 9 1 0 .)

F u lle r to n s a y s :

'T Those conversant with the yellow-pine business during the paSt year will
be satisfied with the results of the com pany’s business. The profits would
have been considerably augmented had the com pany been able to continue
In the last half of the year the volum e of business which it did during the
first six months, which was the greatest In Its history; but the tightness of
the m oney markets forced the management to curtail operations.
The consum ption of yellow pine in the United States during the year 1910
was the greatest in the history of the trade. Prices since January of 1911
show a considerable Increase. W e confidently expect tlds Increase will be
maintained and will have a marked effect on our earnings.
SURPLUS ACCOUNT YEAR ENDINO DEC. 31.
1910.
1909.
1910.
1909.
60,000
60,000
Sur. at begin, of yr.$l,014,928 $705,845 Div. on 1st pf.(6% )
35,000
35,000
x Profits for year. 645,807 676,558 Dlv.on 2d pf.(7 % )
300.000
300,000
Div. on com.(6 % ).
Inc. in val. of stump71,512
Transfer to reserves 300.000
age resulting from
re-lnven. (Ch. L.
Total..................
$695,000
$466,512
99,037
A C . Co. share).
121,669
Surplus, Dec. 31..$1,087,404 $1,014,928
Total.................. SI,782,404 $1,481,440
x Profits are stated after deducting proportion of profits of controlled companies
applicable to stock not held by Chicago Lumber & Coal Co., providing for consump­
tion of timber, bad debts and depreciation, and all expenses of maintenance and
marketing.
CONSOLIDATED BALANCE SHEET OF CHICAGO LUMBER A: COAL CO.
AN D COS. EITHER COMPLETELY OWNED OR CONTROLLED
AND OPERATED. DECEMBER 31.
Liabilities—
1910.
1909.
Assets—
1910.
1909.
Chic. Lum. A Coal
S
$
Real estate, lmS
$
stock (see text). 6,500,000 6,500,000
prove’ ts, stand­
Int. In controlled
ing timber, A c. 3,531,367 1
cos. not h e ld ... 1,165.628 1,147,136
Investments In
)*6,767,304
Bonds, Ac., of con­
othercompanles3,327,712 J
trolled companies
91,500
150,000
Merchandise........ 2,312,990 2,514,483
Deposits by stockNotes and accounts
hoklersAempl’ees 295,386
299,697
receivable......... 3,658.213 3,280,361
Cash ___________
474.018
519.770 Bills * accts. pay. 3,332,710 3,236,597
93,225
38,170 Reserves and con­
Other resources__
tingent funds.. .
794.606
589,305
Amts, due allied cos 130,292
182,425
Surplus_________ 1,087,404 1,014.928
Total.................. 13,397,525 13,120,088
Total................... 13,397,525 13,120,088
* A fter deducting $194,000 f r reserves.
Note.—The Chicago Lumber A Coal Co. guarantees $3,000,000 Gulf Lumber Co.
bonds as to prln. and Int., these being, however, primarily secured by standing tim­
ber and other property of an aggregate value of $9,921,706.— V. 92, p. 1034.

W. H. McElwain Co. (Shoe Manufacturing), Boston.
(Report for Four Months ending May
P r e s id e n t J . F r a n k lin

Y E A R E N D IN G M A Y 31 1911— OLD CO. 8 M O S ., N E W CO. 4 M O S .
Total Year. OldCo. 8mos.
NewCoAmos.
Both Cos. end.Jan.31’11. to M ay 31’ n .
$424,580
($238,382
Net earnings________ _____ ________ 1$711,056
Miscellaneous ----------- ----------------------]
l 48,094

3i

1 9 1 1 .)

M c E l w a i n s a y s in b r i e f :

$424,580

Total net_____ _____ ______________ $711,056
Deductions o f New Company—
Appropriations to plant accou nt______ _____
Bonuses to managers (no officers Included)____
Dividends Feb. 1 to May 31 1911 (see below ). .

$286,476
$74,893
38,641
105,000

Balance carried forward to surplus....... .......................................
$67,942
N ote.— The earnings of the old com pany are here ‘ •corrected to Include
Interest payments on amount subsequently added as Increased cap ita l.’ ’
Dividends Feb. 1 to May 31 1911: First pref.. May 1, l y 2% . $37,500
2d pref. (regular). May 1, 1 H % . $15,000, and 2d pref. (extra). May 29;
3 % . $30,000; com m on. M a x i , 1 'A % , $22,500; total, $105,000.
Volume o f Sales fo r Years ending M ay 31.
1911.
1910.
1909.
1905.
1900.
1895.
$13,623,235 $13,379,760 $10,687,079 $5,203,043 $1,201,713 $75,957
B A L A N C E SH E E T M A Y 31 1911.
Liabilities ($5,564,912)—
Assets ($5,564,912)—
Cash________________________ $355,697 D ebts_______________________ $496,976
R e ce iv a b le s ............ ............. 1,323,369 First pref. stock ___________ 2,500,000
M erch a n d ise______________ 2,031,996 Second pref. stock _________ 1,000,000
S ecu rities_________________ 853,850 Comm on s to ck ____________ 1,500,000
67,942
Plant account_____________ 1,000,000 S u rp lu s...................................
Compare V . 92,p. 600, 729, 1036, 1314.

Standard Motor Construction Co.
(Balance Sheet Dec.

31 1 910

and

1 9 0 8 .)

1908.
$
1,769,472
1,567
84,497
(162,912
50,815
•( 2,257
I 1,693
| 11,940
l 30,000
30,000

1910,
1908.
Liabilities—
3
S
Cap. stock (all com .).1,800,000 1,800,000
Bills p ayable........... 29,848
20,964
Accounts payable__
46,149
20,090
Deposits on orders..
32,476
2,763
Bonds payable In
1927 ____________ 220,000 214,500
Surplus and undivi­
ded profits...........- 178,240
56,838

Total .................... 2,306,713 2,115,155
—V. 91, p. 1333.

T o t a l.................. .2,306,713 2,115,155

1910.
Assets—
$
P atents_____ _____ 1,716,388
Cash________
16,366
Bills & accts. recciv.
84,507
Merchandise.............1
Machinery A tools..(
Power plant A equip.) 471,549
Furniture A supplies!
Patterns & drawings!
Real estate........ ..... J
Sinking fund....
17,903

Niagara Navigation Co., Ltd., Toronto.

-----29,917,541 29,684,741

a Reserve funds Include 8100,000 for depreciation, $50,000 for extraordinary re­
pairs and renewals and $10,000 for cotton sacks outstanding.—V. 92, p. 797.

[V o l . L x x x x m .

(Report for Fiscal Year ending Nov.

30

1 9 1 0 .)

P r e s i d e n t E . B . O s i e r , T o r o n t o , J a n . 1 0 1 9 1 1 , w r o t e in b r i e f

Yonge St. dock, T oronto, has been purchased, and the debenture account
has been Increased by $105,000 which, with cash on hand, was applied to
cover the cost. It m ay be necessary in the near future to add a new steamer
to the fleet. After providing for the dividend, interest on debentures,
writing $25,000 oir steamer values and placing $25,000 to renewal and
betterment fund, the balance to credit of profit and loss account stands at
$141,317.
INCOME ACCOUNT YEAR ENDING NOV., 30.
1909-10. 1908-09
1909-10. 1908-09.
$5,000
$91,957 Renewals A better’ ts $25,000
Net earnings............ $124,703
56,136
56,136
Dividends (8 % )----Deduct—
$5,501
Int. on debentures..
$9,126
Total deductions. $117,100 $91,637
25,000
Written off steamers 25,000
3320
$7,603
Balance, surplus----Disc., Ac., on debs..
1,838
BALANCE SHEET NOV. 30.
1909.
1910.
1909.
1910.
$
Liabilities—
8
Assets—
$
S
Capital s to c k .......... . 701,700 701,700
Steamers (less $25,­
122,000
000 written off y’ly) 809,725 834,725 Debentures................ 227,000
75,000 Mortgage* ........ — . 63,500
Real est.,wharves. Ac. 347,700
15,000
1,835 Res. for renewals, Ac.. 40,000
Accounts receivable.
3,552
28,068
93,528 Div. payable Jan. 3., 28,068
Cash iu Dorn. Bank. 62,612
4,606
Accts. pay’le & misc.. 22,004
133,714
Profit and loss.......... . 141,317
T otal.................... 1,223.589 1,005,088

T o ta l.................... 1,223,589 1,005,088

* This is a mortgage on Yonge St. dock property due Dec. 5 1912.— V..84, p. 342.

,,

National Starch Co.
(Report for Fiscal Year ending Feb.

F:F'
28

1 9 1 1 .)

ViB

T h e r e p o r t o f t h e c o m p a n y ( w h o s e s t o c k is o w n e d b y t h e
C o r n P r o d u c t s R e f i n i n g C o .) f o r t h e y e a r e n d i n g F e b . 2 8 1 9 1 1
c o m p a r e s w i t h t h a t f o r t h e y e a r e n d i n g F e b . 2 7 1 9 0 9 ( p r io r
to th e r e c e n t a d ju s t m e n t ) a s s h o w n b e lo w .
N o rep o rt w a s
is s u e d in 1 9 1 0 w h ile t h e r e a d j u s t m e n t w a s in p r o g r e s s .

RESULTS FOR YEARS ENDING FEB.
1910-11. 1908-09.
Profits...... ................... $509,899 $245,843
int. on deposits, notes
and overdue a ccts.. 15.905
1,551
Int. on secur’s owned.
1,611
2,850
Rentals from real estate
not used.................. 146,402 147,193

28 1911 AND FED. 27 1909 (NOT 1910).
1910-11. 1908-09Insurance----------------- $34,007 $31,166
T a xes.................
20,064
22.508
Extraordinary repairs
1
and rep acements.. 34,203) 225,368
Deprec. on prop., A c. 250,304)
Miscellaneous expenses 41,975
1,149

Total Income______ $673,817 $397,437
Total deductions.--S793.939 $515,886
Tnt. on bonds________ $355,510 $369,985
Int. on loans------------ 57,876
65,710 Deficit for year . . ..$120,122 $118,449
zThe amount expended on new construction and charged to profit and loss In
ieu of depreciation.
CONDENSED GENERAL BALANCE SHEET.
F«6.28’ 11.F<&.27’09.
Feb.28’ l l . Feb.27’09.
Liabilities—
S
$
16.200
700
Property and plant.5,817.328 6,143.876 Pref. stock outst’g . .
99.300
99,300
Furniture A fixtures
2,735
2,108 Com. stock outst’g - .
Sinking funds_____ 670,203
658,620 Nat. St. Mfg. 1st 6s. *679,000 2,763,000
Cash ...................... 125.240
97.284 Nat. St. Co. deb. 5s
(1025)
*531.000 3,608,000
Accounts receivable. 440.510 378,302
Mdse, and supplies-- 866,631 1,036,695 Nat.St.deb.5s (1930)5.127.000 .............
U.S.
Sug.
Ref.
1st
6s
1.000.000
1,000,000
Due from affll’d cos. 397,361 ----------59.862
89,410
Interest accrued-----394 ............. Audited vouchers—
1,794
173
Prepaid expenses—
13.286
19,367 Wages due A unpaid
30.495 .............
Deficit.......................1,080.478 891,692 Bond Interest d u e ...
Int.. Ac., accrued..
70,198
99,211
Corn Prod. Ref. C o .. 1,694,9461,
...
Accounts payable...
70.224J1’ 5’17-5''5
For taxes.......... .......
12,000
9,724
For accts. In courso
of adjustment----16,148
20,920

The present corporation was organized Feb. 6 1911 under the laws of
Massachusetts, and succeeded as of Feb. 1 1911 the com pany of the same
name Incorporated In Maine. (V. 92. p. 600, 729.)
The Maine and Massachusetts corporations have manufactured during the
fiscal year ending May 31 1911 7,818,159 pairs of shoes, which Is the largest
output in the history of this business. The factories have been run to full
capacity throughout the year, operating a total "of 307 working days. The
average number of em ployees during the year has been 5,697 and the total
salaries and wages $3,133,651. The average weekly pay-roll has been
$60,262. The com pany Is operating 16 factories, with a total floor area of
over 19 acres, located In Boston and Bridgewater, Mass., and In Manchester,
Nashua, Portsm outh, Newport and Merrimack, N. H. Four of these fac­
tories, with developed water powers and side-track facilities and with 650
acres o f land, arc owned In fee: the others are held under long-term leases
at favorable rentals. One of these factories o f the best modern construc­
tion was added during the past year; another was enlarged b y the construc­
tion of a 125-foot addition.
The com pany secured some two years ago a favorable location In Man­
chester, N. H ., on the Boston & Maine U R ., and on the Merrlmac R iver.
T o ta l.................... 9.414,167 9,227.944
T o ta l----------------- 9,414,167 9,227.944
Here It Is now erecting two factories and a power house which will be com ­
pleted In approxim ately five months. One of these factories will manu­ I * After deducting $3,077,006 debentures and $2,050,000 1st M . 6s surrendered and
facture wooden cases and cartons, the other will be used for cutting o f cloth deposited with Farmers’ Loan A Tr. Co. under agreement of April 8 1910.
linings for shoes and for storage. The power house will supply power for
ddent Bedford In answer
inquiry says: -"Ti hnc
snows
President
.answer to an
.an Inquiry
e com pany shows
these factories anti also to the other factories of the com pany In Manchester
P due to the fact that large sums were charged oil for depreciation,
and M errimack, N. II. These buildings will result In a material reduction a deficit
stance the Glen Cove plant was sold for $50,000, while It had been
of operating charges. Based on orders already received lo r new season’s i For Instance.
on the
the books —
tor ---------;
$1,000,000. This depreciation
. ,
,, of properties had to
goods and on custom ers’ estimates of requirements, the com pany anticipates carried1 on
1 be charged oil In order to get down to actual values.” — V . 91. p. 98.
a norm al Increase In business during the com ing year.




43

THE CHRONICLE

July 1 1911.|

Marconi Wireless Telegraph Co. of America, New York.

Bell Telephone Co. of Canada.
(Report for Fiscal Year ending Dec.

31

(Balance Sheet Jan.

1 9 1 0 .)

T h e r e p o r t , s ig n e d b y P r e s i d e n t C . F . S is e a n d V i c e ­
P r e s id e n t R o b e r t M a c k a y , a t M o n tr e a l, F e b . 2 3 1 9 1 1 , s a y s :

There have been added 19,175 subscribers during the year, the total
number of Instruments now earning rental being 133,010. The com pany
now owns and operates 508 exchanges and 1,407 agencies. T o the long­
distance system 5,164 miles of wire were added In 1910. The long-distance
lines now owned and operated comprise 54,133 miles of wire on 8,861 miles
of poles. The com pany now has arrangements for exchange o f business
with about 379 Independent companies, serving over 28,000 subscribers.
From the balance of revenue account, am ounting to $672,303, $50,000
has been charged to depreciation of real estate; $25,000 charged off patent
account; $97,597 has been carried to Ore Insurance reserve; $53,312 to
accident Insurance reserve; $200,000 to depreciation reserve and $125,000
added to the contingent account, leaving a balance o f revenue account
to be carried to 1911 of $121,394.
1910.
1909.
1908.
1907.
1906. 1905. 1904.
Subscrlb’s D ec.31 133,910 114,735 103,084 111,118 05,145 78,195 06,160
Miles of wire
54,133 48,969
46,879 49,748 43,400 37,082 32,211
Miles of p o l e l l l l - 8,861
8,026
8,103
9,540 9,391 8,645 7,866

T h e report
p. 1562.

of

S e c re ta r y

3 1 1 9 1 1 .)

B o tto m le y

w as

c ite d

June

B A L A N C E S H E E T J A N . 31.
1911.
1911.
1910.
Assets—
Liabilities—
S
$
$
Patent rights, good­
Capital stock Issued. 1,547,500
will and contract.. 1,408,991 5,494,615 Less treasury stock.
36,300
Cost stations and ex­
perimental work,
1,511,200
. less depreciation. . 102,340
107,633 Loans & notes paya­
17,989
ble _____________
Apparatus on hand.. 23,044
10,100
606
585 Accounts payable__
18,030
Uncxplrcd Insurance
21,540
23,368 Mortgage _________
1,458
Accounts receivable.
4,952
Cash ............ ..........
5,166 Marconi Wireless Tel.
Co., Ltd., London,
1,039
1,038
Furniture & fixtures
445,102
legal expense ac­
Organization exp s..
*Y(72l}
count ....................
23,445
Deficit ......................
T o ta l.................... 1,564,233 6,095,496

10*,

1910.
S
145.200

10,600
15,363
1,458

23,275

T o ta l.................... 1,564,233

* Loss for year ended Jan . 31 1911.— V . 9 2 , p . 1562.

RE VE N U E ACCOU N T.
1910.
Exchanges (less unearned
r e n ta ls )----------------------- $3,817,922
Long-distance lines____
1,415,353
Private lines___________
20,097
M iscellaneou s....... ...........
257,314

1907.

1908.

1909.

$3,311,659
1,262,518
16,716
238,764

$3,421 ;669
1,228,171
18,308
281,049

$3,116,794
1,164,975
14,034
284,803

Total receipts_________ $5,510,686
Expenses—
O p e r a tin g _______________ $3,717,453
L e g a l__________________
11,620
In s u ra n c e ______________
37,676
Bond Interest__________
182,450
M iscellaneou s__________
14,361

$4,949,197

$4,580,606

$4,829,657

$3,234,185
13,099
37,494
182,450
13,080

$2,902,029
16,994
40,376
182,450
14,483

$3,524,053
26,342
41,118
179,969
14,377

Total expenses______ $3,963,560
Net revenue___________ $1,547,126
D Iv .0 n cl.J a n .1 9 1 0 (8 % )
1,000,000

$3,480,308
$1,468,889

$3,156,332
$1,424,274
1,000,000

$3,785,859
$1,043,797
871,018

Surplus for year_____
$547,126
$468,889
$424,274
BALANCE SHEET DECEMBER 31.

$172,779

1 ,0 0 0 , 0 0 0

1910.
1909.
1909.
1910.
Liabilities—
S
$
S
Assets—
S
Stock account----- 12,500,000 12,500,000
Plant and patent
account . . ......... 17,470,826 15,835,463 Bond account___ 3,649,000 3.649.000
467,341 Contingent account 2,400,000 2.275.000
542,195
Stores on hand__
125,177
Real estate.........- - 2,039,283 1,774.539 Revenue account. a l2 1,394
Stocks and bonds. 2,489,078 2,969,957 Various reserves..54,048,325 3,125,292
45,613
204,014 Bond lnt. reserve.
45,613
Due from agencies. 349,740
402,418 Sundry creditors..
208,614
123,067
Debtors .............. 195,545
332,850 Suspense account.
171,865
143,433
Cash......................
58,144
T o ta l................ 23,144,811 21,986,582

T o t a l................ 23,144,811 21,986,582

a See text above, bincludes reserve for maintenance, $997,028; for unearned
ntals, $9902,842; for lire Insurance, $600,000; for accident Insurance, $250,000, and
or jcdepreclatlon. $1,2455.— V. 91. d. 35.

American & British Manufacturing Co.
(Report for Fiscal Year ending Dec.
IN C O M E AC C O U N T FOR

31

1 9 1 0 .)

YE AR S E N D IN G D ECEM BER 31.

1910.
.$1,491,043

1909.
$1,165,056
1,078,794

1908.
$1,143,113
960,428

1907.
$1,506,637
1,133,132

ln t . chgcs. & N . Y . c x p . ..

$175,315
20,083

$86,262
18,404

$182,685
22,828

$373,505
23,899

.
Im provem ents, & c*_____.

$155,232
76,124

$67,858
48,797

$159,857
61,236

$349,600
114,049

Bal.,sur.,to profit & loss)

$78,808

$19,062

$98,621

$235,557

Expenses

* “ Expended during year for Improvements, additions and betterments
charged o ff.”
BALANCE SHEET DECEMBER 31.
1909.
1910.
1909.
1910.
Liabilities—
S
S
$
$
Assets—
Preferred stock__ 2 , 000,000 2 , 000,000
Plants at Provi­
dence & Brldgep 4,547,535 4,499,228 Common stock__ 8 , 000,000 8 , 000,000
11,680 Bills payable____
109,194
151,169
11,680
Bridgeport real est
Accounts payable.
131,306
230,455
Patent rights, con­
500,000
500,000
tracts, &c--------- 5,164.284 5,164.284 1st M. 6% bonds-.
506,675 Mortgage on plant
499,246
Mach.,patterns, Ac.
No. 2 ................
60.000
60,000
49,470
49.470
Treasury stock__
500,000 Bridgeport real es­
478,000
Treasury bonds__
9,000
tate.................. 9,000
407,612
480,949
Accts. rec. & cash.
1.199
3,500
35.396 Reserve, bad debts
22,584
Bills receivable__
833,592
912,400
201,778 Surplus__________
194,063
Inventories--------Work In progress
410,792
275,288
(cost) _________
799
Miscellaneous___
T o t a l................ 11,723,099 11,787,716
— V. 88. p. 1130.

T o t a l................ 11,723,099 11.787.716

Rotary Ring Spinning Co.
(Balance Sheet of Dec.

31

1 9 1 0 .)

Liabilities—
1910.
1909.
1909.
Assets—
1910.
Patents & machinery a$576,782 S575.748 Capital stock_______ $775,880 $677,130
1,133
31,831
Am. W. Mach.Co.stk . 100,000 100,000 Accounts payable___
Inventory -------------- - 15,440
5,800
13,637 Notes payable_______ - _____
Cash, loans & acc’ts. . 654,800
8,968
Profit and loss......... - 29.991
16,408
Total..................... .$777,013 $714,761

al........................ $777,013 $714,761

a Includes patents. $574,055; machinery, S2.727. 6 Includes cash, $24,063;
loans, $9,461, and accounts receivable, $21,276.
The balance sheet of the American Worsted Machinery Co. (controlled by stock
ownership) of Dec. 31 1910 shows total assets (Incl. cash, $218; accts. receivable*
$1 910, and profit and loss, deficit, 34,333), $109,461, offset by capital stock,
$100,000, and accounts payable. $9.461.— V. 90. p. 1618.
T h e r e p o r t s a y s in s u b s t a n c e :

The work during the earlier part of the year was almost entirely educa­
tional. More recently our efforts have been directed to the sale of the ring.
Prejudice against the ring Is gradually being overcom e and Installations In
various mills arc being made entirely on the merits of the ring. Econom ies
In m anufacture have enabled us to reduce the selling price of the ring to
30c. for all rings up to 1 14-inch In size: larger rings at a higher price.
Negotiations were recently concluded with the International Belanger
Spinning Ring C o., which controls the basic patents In various foreign
countries, for the sale to them of the later patents In all of the foreign coun­
tries except Canada: the agreement being that the International com pany
shall proceed to Introduce the Improved ring at once.
Y our directors believe that a reasonable profit for the present year m ay
bo confidently anticipated.




G E N ER AL IN V E S T M E N T N E W S ,
RAILROADS, INCLUDING ELECTRIC ROADS.
American Cities Railway & Light Co.— Sale Approved.—
T h e s t o c k h o l d e r s o n J u n e 2 8 r a t if ie d t h e s a le o f t h e p r o p e r t y
a n d a s s e t s o f t h e c o m p a n y p e r p la n V . 9 2 , p . 1 7 0 0 , t o t h e
n e w A m e r . C i t ie s C o . , w h ic h s e e a b o v e . — V . 9 2 , p . 1 7 0 0 , 1 4 3 4 .

Atlanta Birmingham & Atlantic RR.—Extension of Re­
ceiver's Certificates.—

R e c e iv e r H . M . A tk in s o n a n n o u n c e s
t h a t th e C o u r t h a s , b y o r d e r d a t e d J u n e 2 9 , e x t e n d e d th e
p a y m e n t o f t h e p r i n c ip a l o f t h e $ 3 , 2 5 0 , 0 0 0 A . B . & A . R R . G e o r g ia T e r m . - A l a b a m a T e r m . R R . 2 - y e a r 5 %
r e c e iv e r ’ s
c e r t i f i c a t e s , d u e J u l y 1 , u n t il J u l y 1 1 9 1 2 , w i h t h e p r i v i l e g e ,
h o w e v e r , o f c a ll in g t h e s a m e o n a n d a f t e r J a n . 1 1 9 1 2 a t p a r
a n d a c c ru e d i n t ., o n 3 0 d a y s ’ n o tic e .
T h e p r e s e n t li e n o f t h e
c e r t if i c a t e s is t o r e m a in u n i m p a i r e d , b u t t h e r e c e i v e r m a y , b y
o r d e r o f t h e C o u r t , is s u e $ 2 0 0 , 0 0 0 m o r e .
C la r k , D o d g e & C o . a n d W h i t e , W e ld & C o ., o f N e w Y o r k ,
a n n o u n c e , b y a d v e r tis e m e n t, th a t th e y h a v e a r ra n g e d th a t
a n y h o ld e r o f t h e c e r t if i c a t e s d e s ir in g t o e x t e n d t h e ^ a m e m a y
p r e s e n t t h e m u n t il J u l y 5 a t 3 p . m . a t t h e F a r m e r s ’ L o a n &
T r u s t C o . , N . Y . , w h e r e t h e y w ill b e s t a m p e d e x t e n d e d , w i t h
new cou p o n s a tta c h e d .
H o ld e r s n o t d e s ir in g to e x t e n d th e
sa m e m a y p re se n t th e m fo r p a y m e n t a t th e sa id tr u s t c o m ­
p a n y .— V . 9 2 , p . 1 7 0 0 , 1 5 6 3 .

Belt Line Ry. of Montgomery, Ala.—Details of Mortgage.
— T h e m o r tg a g e a u th o r iz e d b y th e s to c k h o ld e r s o n J u n e 7
is m a d e t o t h e S a f e D e p o s i t & T r u s t C o . o f B a l t i m o r e , a s
t r u s t e e , t o s e c u r e a n is s u e o f $ 3 0 0 , 0 0 0 1 s t M . 3 0 - y e a r 5 %
$ 1 , 0 0 0 g o ld b o n d s d a t e d J u l y 1 .
O f th e b o n d s , $ 2 2 5 ,0 0 0
a r e t o b e is s u e d a t p r e s e n t , t h e r e m a i n i n g $ 7 5 , 0 0 0 b e i n g r e ­
s e r v e d f o r i m p r o v e m e n t s a n d a c q u i s i t i o n s .— V . 9 2 , p . 1 2 4 2 .

Birmingham & Southeastern Ry.—New Mortgage.—This
c o m p a n y h a s m a d e a m o r tg a g e to th e
C en tra l T r u s t C o .
a n d W i l l i a m G o o d m a n , a s t r u s t e e s , t o s e c u r e a n is s u e o f
$ 3 , 0 0 0 , 0 0 0 1 s t M . 5 0 - y e a r 6 % g o ld b o n d s , d a t e d M a y 1 1 9 1 1
a n d d u e M a y 1 1 9 5 1 , b u t s u b j e c t t o c a ll a t 1 0 7 J ^ % a n d i n t .
P a r $ 1 ,0 0 0 a n d $ 1 0 0 .
In t. M . & N .

The m ortgage provides for the extension o f the line from Its present
northern terminus at F ort Davis, In Macon County, A la., to Millstead,
Macon Co., A la., about 20 miles: also for the construction and acquisition
o f such other extensions and branches as shall be deemed advisable. In­
cluding a bridge across the Tallapoosa R iver.— V . 92, p. 1700, 1242.

Boston & Eastern (Electric) RR.—Certificate of Exigency.
— G o v . F o s s a t B o s t o n o n J u n e 2 2 s ig n e d t h e b ill g r a n t i n g
t h e c e r t i f i c a t e o f e x i g e n c y f o r w h ic h t h i s p r o p o s e d h i g h ­
s p e e d e l e c t r i c r o a d h a s b e e n f i g h t i n g s in c e A u g u s t 1 9 0 6 .

The road Is projected to run from Post Office Square, Boston, b y subway
and harbor tunnel to East Boston, thence to Revere (with branch to Revere
B each), Lynn, Salem, Peabody, Beverly and Danvers. J. M. Bickford o f
Salem, the prom oting engineer. Is quoted as saying that construction will
be pushed. Ex-M ayor Baxter of Medford Is also Interested. The bill re­
quires the com pany to file bonds aggregating $500,000 within 60 days and to
build the road within four years, under terms o f the A ct o f 1907.

Brooklyn Rapid Transit Co.— New Lines Awarded.—
R a p i d T r a n s i t C o . in N e w Y o r k C i t y R y . b e l o w ;
w e e k ’ s “ C h r o n i c l e .” — V . 9 2 , p . 1 6 3 5 , 1 1 7 7 .

See

a l s o in l a s t

Bruce Mines & Algoma Ry.

— Sold— Extension— New Bonds.
— G e o r g e P . M c C a llu m a n d H . A p p le t o n o f S a u lt S t e . M a r ie ,
M i c h ., a r e t h e p u r c h a s e r s o f t h i s c o m p a n y , a n d t h e F i d e l i t y
T r u s t C o . o f C a n a d a , L t d . , M o n t r e a l , w ill a c t a s fis c a l a g e n t s ,
a n d h a n d le th e u n d e r w r itin g o f $ 5 ,0 0 0 ,0 0 0 n e w b o n d s .

The road extends from Bruce Mines to R ock Lake, a distance o f 17 miles,
and It Is planned to extend the line some 350 miles to connect with the
Grand Trunk Pacific west o f Cochrane, crossing In the m eantime the Cana­
dian Northern and the main line of.th e C. P . R y.
The ' ‘T oron to Globe” on June 21 said: "T h e subsidy granted In 1899
b y the Ross administration amounted to $3,000 per mile and the Federal
assistance to $3,200 per mile. Mr. A ppleton has been In T oron to for some
days with a view to obtaining a continuance o f Provincial aid In the con­
struction of lines. Further Federal assistance will also be asked.
“ W e propose to extend the line 20 miles northward this fall and b y A ug. 1
expect to have construction well under way to connect with the line of the
Superior branch o f the C. P. R y. at R k lo u t," said Mr. A ppleton. "T h e
line will serve both the Mississauga and W aublgon valleys and open up a
fertile portion of Ontario’s north lands. Our purpose Is to serve the agri­
cultural lands, which are being speedily settled, but we have every expec­
tation o f further mineral developm ent In the district.’
’ It Is proposed to continue the extensions next year to the main line o f
the Transcontinental. The railway has a charter from Bruce Mines to
James Bay and runs east of the Algom a Central.’— V . 92, p. 1700.

Buffalo Creek RR.—

Details of New Mortgage.— T h e f ir s t
r e f u n d i n g m o r t g a g e f o r $ 5 , 0 0 0 , 0 0 0 w h ic h w a s r e c e n t l y a u t h ­
o r iz e d b y t h e P u b li c S e r v ic e C o m m i s s i o n is m a d e t o t h e
U n ite d S ta te s M o rtg a g e & T r u s t C o . o f N e w Y o r k , a s tr u s te e .
The bonds are dated July 1 1910 and mature July 1 1960, but are subject
to call at 105 on and after July 1 1912; Interest J. & J .; denomination $1,000
each. Of the bonds, $1,000,000 are reserved to retire the outstanding 5s
due Jan. 1 1941. None of the new bonds has yet been Issued. Compare
V . 92, p. 5 9 3 . 2 5 9 .
..............................................................................

44

THE CHRONICLE

Central of Georgia

R y . — Payments on First Incomes.—
R . W a l t e r L e v y , C h a ir m a n o f th e b o n d h o ld e r s ’ p r o t e c t iv e
c o m m i t t e e , g iv e s n o tic e b y a d v e r t is e m e n t o n a n o t h e r p a g e
t h a t t h e h o l d e r s o f c e r t if i c a t e s o f d e p o s i t o f M e t r o p o l i t a n
T r u s t C o . , N . Y . , is s u e d u n d e r t h e a g r e e m e n t d a t e d S e p t . 1 7
1 9 0 8 w ill r e c e iv e $ 4 6 2 4 p e r $ 1 , 0 0 0 b o n d f o r i n t e r e s t c o ll e c t e d
f r o m t h e c o m p a n y f o r t h e t w o fis c a l y e a r s e n d i n g J u n e 3 0
1 9 0 9 a n d 1 9 1 0 o n p r e s e n ta tio n o f th e c e r tific a te s a t th e
M e tr o p o lita n T r u s t C o . o r th e S a v a n n a h T r u s t C o .

N otice has been filed that the collection of said sum shall be without
prejudice to the right to demand and collect the balance of the Interest
claim ed to be due for said fiscal years. Compare V. 92, p. 1035, 1563.

Chicago & A l t o n R R . — July 1 9 1 1 and Probably Jan. 1 9 1 2
Dividends to be Omitted.— T h e d i r e c t o r s o n T u e s d a y ( J u n e 2 7 )
d e c id e d to o m it th e J u ly d iv id e n d o n th e ( $ 1 9 ,5 4 4 ,0 0 0 ) 4 %
n o n -c u m . p r e f. s to c k a n d a ls o o n th e $ 8 7 9 ,3 0 0 4_% c u m . p a r ­
t i c i p a t i n g a n d p r i o r lie n p r e f .
P r e s . S h o n t s s a id in s u b s t a n c e :

A t the present time the Alton Is In better all round condition than It has
ever been. The trouble has been that the road lacked proper facilities to
take care of its Increasing traffic. This year we shall put about $050,000
m ore into the property In the way of maintenance and expenditures than
we did last year. W e expect to build up the property this time so that
when dividends are resumed there will be no question of their continuance.
A lton should end the year with an Increase of about $1,200,000 In gross.
An encouraging feature of the May report was the decrease In ratio of trans­
portation costs to total expenses, as com pared with last year. It will
probably be necessary to suspend dividends for only one or two payments.
[The Toledo St. Louis & Western l i lt . Co. owns $14,420,000 of com m on
took and $0,380,000 preferred and the Union Pacific R R . Co. owns
$10,343,100 of the preferred.— E d .]—V . 02, p. 1700, 1635.

. Chicago Elevated

R y s . — Deposits to June 2 7 . — T o t h e c lo s e
o f b u s in e s s J u n e 2 7 a b o u t 7 7 % o f th e s h a re s o f th e th r ee
a m a lg a m a t in g c o m p a n ie s h a d b e e n d e p o s ite d u n d e r th e p la n ,
a n cl 7 % m o r e w a s in t r a n s i t t o t h e d e p o s i t a r i e s — t o t a l , 8 4 % .
O f t h e d e p o s i t o r s a b o u t 9 6 % h a d e le c t e d t o r e c e iv e c a s h
r a t h e r t h a n p a r t c a s h a n d p a r t s e c u r i t ie s ( Y . 9 2 , p . 1 4 9 8 ) .

Number o f Shares Deposited and in Transit up to June 27 1911, Inclusive.
N .W . .Elevated. So.Side.
M et.W estStde.
Total
Com.
Com.
P ref.
P ref.
Com .
N o.
O u ts ta n d in g_________ 87,070 74,641 49,444 49,471 102,314 362,949
21,331
67,438 238,264
Deposited in ChIcagO-66,289 57,388 25,818
3,831
Deposited In N. Y ____ 4,438
2,711 14,989 16,820
42,739
Deposited both cltIes-70.727 60,000 40.807 38,151
71,269 281,003
81
77
Per cent deposited___
81
81
70
77
D ep. and In transit___73,326
62,518 44,604 41,210
83,503 305,161
Per ct. dep. & In trans.
84
84
90
83
83
84

Plan Operative.— I t w a s a n n o u n c e d y e s t e r d a y t h a t
c o n s e n t s c o v e r i n g o v e r 9 0 % o f t h e a f o r e s a id s t o c k s h a d b e e n
r e c e i v e d a n d t h a t t h e p la n h a d a c c o r d i n g l y b e e n d e c la r e d
o p e r a tiv e .
S h a r e h o ld e r s h a v e a b o u t t e n d a y s in w h ic h t o
a c c e p t c a s h , o r 7 0 % in c a s h a n d 3 0 % in n e w s e c u r i t i e s , f o r
th e ir h o ld in g s .
Advance Offering.— T h e N a t i o n a l C i t y B a n k o f N e w
Y o r k C i t y d u r in g
th e w eek
been
m a k in g a n a d v a n c e
o ffe r in g , a t 9 8 ^
a n d in te r e s t, o f th e “ 3 -y c a r 5 % secu red
g o ld n o t e s ,” d a te d J u ly 1 1 9 1 1 a n d d u e J u ly 1 1 9 1 4 , b u t
c a lla b le a t 1 0 0 a n d in te r e s t o n a n y in te r e s t d a t e o n 3 0 d a y s ’
n o tic e .
A u t h o r i z e d is s u e , $ 3 0 , 0 0 0 , 0 0 0 .
In tere st J . & J.
Preliminary Authoritative Statement, Subject to Correction.
Organization.— Will be form ed (per plan in V . 02, p. 1408) to acquire
control o f all of the elevated properties In Chicago, em bracing approxim ately
172 miles of lines, radlatln from the business district and extending to the
north, south and west sides.
Notes, & c.— Through the sale o f the $30,000,000 notes and of the $16,­
000,000 pref. stock at par, $36,440,200 com . and pref. shares of the North­
western E lev. R y ., South Side Elevated R R . Co. and the Metropolitan
W est Side Elevated R y . Co. are being acquired. These stocks will be
acquired at a total cost of about $21,202,312, of which $16,000,000 will be
supplied from the sale o f the pref. stock and $5,000,000 from the proceeds
of the notes. The remainder of proceeds from the sale of these securities Is
to retire $18,000,000 Northwestern Elevated R R . m tge. bonds, due Sept. 1
1011; to take up Uoating debt and to furnish working capital.
The new notes will be Issued by P. A . Vanderllp, Ilcn ry A . Blair and
Samuel M cRobcrts, as trustees under an indenture with a trust com pany,
and will be secured by a mortgage on the entire property of the Northwestern
Elevated consisting of a first Hen on about 53 miles and a Hen on about
7 miles, through the deposit of Its $25,000,000 1st M. 30-year 5% bonds.
This will be a closed mortgage giving these notes a Ilrst lien on over 60 miles
of I j tracks: also by pledge of all of the capital stock of the Northwestern,
South Side and Metropolitan W est Side companies as acquired.
Includin
the present issue of $30,000,000 notes, the total funded debt will be about
$64,673,750, the underlying liens of the a bove com panies approxim ating
$32,000,000 (V . 92. p. 1498).
Against this total funded debt the valuation of the property, exclusive of
franchises. Is estimated at more than $00,000,000. The companies operate
under the Railroad A ct of Illinois, and are In a very strong position through
the ownership of approxim ately 210 acres of valuable right of way in the
city . The Metropolitan owns a strip of land 45 ft. wide and 20 miles long
and operates almost entirely on Its own right of w ay. The Northwestern
Elevated and the South Side Elevated companies operate partly on private
right of way and partly on public streets, while the Oak Park and Union
L oop operate entirely on public streets.
Earnings.— Gross Income for the year 1910 was $8,533,501, which shows
an Increase In five years of approxim ately 4 0 % . The ratio of Increase has
been about 8 % per annum, due largely to the increase In population.
Combined net earnings of the various companies for year 1910 available
for lnt. were $3,396,240, out of which, after all fixed charges, there was left
a surplus of $1,007,012. Average surplus for last six years over $050,000
per annum. A fter making the necessary adjustments on account of the
present refunding, the com bined net earnings of the various companies
available for lnt. on these notes for the year 1910 was about $1,877,000.
On the basis of these figures, and giving eflect to the estimated saving
through consolidation, the earnings available for lnt. on these notes, without
allowing for the normal Increase in traffic, would be about twice the amount
required, and sufficient to provide a substantial surplus after paym ent of
6% dlvs. on the $16,000,000 pref. stock.
Stone & W ebster estimate that by eliminating the difficulties of conges­
tion, through re-arrangement of routing, a saving of at least $700,000 will
be brought abou t. By other econom ies cllcctcd through consolidation,
principally the saving In power. It Is estimated $300,000 additional will be
saved.— V . 92, p. 1498, 1563.

Chicago Indianapolis & Louisville Ry.

—Bonds Offered. —
P o t t e r , C h o a t e & P r e n t i c e , N . Y . , an cl t h e F i r s t T r u s t &
S a v in g s B a n k , C h ic a g o , a r e o ffe r in g , b y a d v e r t is e m e n t o n
a n o t h e r p a g e , a t 9 4 ^ an cl i n t . , y i e l d i n g 4 . 3 0 % i n c o m e , t h e
u n s o ld p o r t i o n ( le s s t h a n $ 6 2 5 , 0 0 0 ) o f t h e i r b l o c k o f $ 2 , 5 0 0 , ­
0 0 0 r e f u n d i n g ( n o w f ir s t ) m t g e . 4 % g o ld b o n d s S e r ie s “ C ” ,
d a te d 1 9 1 0 a n d d u e J u ly 1 1 9 4 7 .
In t. J. & J.
C e n tra l
T r u st C o . of N . Y ., tru ste e.
A u t h . a n d is s u e d , $ 1 5 ,0 0 0 ,0 0 0
v i z .: $ 4 ,7 0 0 ,0 0 0 6 s , $ 5 ,0 0 0 ,0 0 0 5 s a n d $ 5 ,3 0 0 ,0 0 0 4 s .
O f t h e b o n d s n o w o f f e r e d , $ 2 , 3 0 0 , 0 0 0 w ill r e p la c e a
l i k e a m o u n t o f L o u i s v i l le N e w A l b a n y & C h ic a g o R y . 1 s t 6 s ,
due A u g . 1 1911.
A s a r e s u lt o f th is , th e r e fu n d in g b o n d s




([VOL. L X X X X I 1 I .

w ill n o w b e a f ir s t lie n an cl o n l y m o r t g a g e o n t h e e n t i r e m a i n
l i n e , a g g r e g a t i n g 5 0 8 . 7 9 m i le s o f r o a d , a t le s s t h a n $ 3 0 , 0 0 0
p e r m ile .
A r r a n g e m e n t h a s b e e n m a d e to d e p o s it w ith th e
t r u s t e e t h e p r o c e e d s f r o m t h e s a le o f t h e s e b o n d s , s o t h a t , in
e f f e c t , t h e is s u e is a l r e a d y a fir s t l i e n , a s a b o v e s t a t e d .
T h e c o m p a n y is c o n t r o l l e d j o i n t l y b y t h e L o u is v i ll e & N a s h v ille R R . C o .
a n d t h e S o u t h e r n R y . C o . , w h ic h o w n a b o u t 8 7 % o f t h e c a p i t a l s t o c k . T h e
t r a f f i c is w e ll d iv e r s l li e d .
T h e r o a d s e r v e s a r i c h a g r ic u lt u r a l d i s t r ic t a n d
t h e b u s in e s s fr o m t h is a n d lo c a l m a n u fa c t u r e s s h o w s a s a t is f a c t o r y in c r e a s e .
P a s s e n g e r e a r n in g s c o n s t it u t e a b o u t 2 5 % o f t h e g r o s s r e v e n u e s .
In as­
m u c h a s t h e r o a d fo r m s a t h r o u g h c o n n e c t i o n t o C h ic a g o a n d t h e N o r t h ­
w e s t f o r t h e a fo r e s a id c o m p a n i e s f r o m L o u is v i ll e , a s w e ll ns I n d i a n a p o l is ,
t h e b u s in e s s s e e m s e x c e p t i o n a l l y w e ll s e c u r e d .
F o r t h e fis c a l y e a r 1 9 0 9 -1 0
t h e s u m o f $ 1 ,6 1 5 ,7 5 1 w a s a p p r o p r ia t e d o u t o f e a r n in g s f o r m a in t e n a n c e ,
o r $ 2 ,6 2 4 p e r m ile o f r o a d ; In a d d i t i o n , $ 2 5 1 ,4 4 7 w a s e x p e n d e d o n t h e
p r o p e r t y f o r p e r m a n e n t im p r o v e m e n t s .
D iv id e n d s h a v e b e e n p a id o n
b o t h t h e p r e fe r r e d a n d c o m m o n s t o c k s f o r s o m e t im e p a s t , a n d In a d d i t io n
t h e c o m p a n y h a s a c c u m u l a t e d a p r o f i t a n d lo s s s u r p lu s w h ic h , a s o f J u n e 3 0
1 9 1 0 , a m o u n t e d t o $ 5 ,3 5 4 ,0 6 0 .
S e e a ls o V . 9 2 , p . 1 7 0 0 .

Guaranteed Bonds.— S e e M o n o u C o a l
t r i a l s ” b e l o w .— V . 9 2 , p . 1 7 0 0 .

Co.

under

“ In d u s­

Columbus (0.) Railway.—

Adjourned.— T h e m e e t i n g c a ll e d
f o r J u n e 2 6 t o in c r e a s e t h e c a p i t a l s t o c k f r o m $ 7 , 0 0 0 , 0 0 0 t o
$ 1 0 , 0 0 0 , 0 0 0 w a s a d j o u r n e d u n t il A u g . 2 8 , a f t e r t h e a p p o i n t ­
m e n t o f a s p e c ia l c o m m i t t e e o f f iv e s t o c k h o l d e r s t o e x a m i n e
in t o t h e f in a n c ia l r e la t i o n s o f t h e c o m p a n y a n d t h e C o l u m ­
b u s R a ilw a y & L ig h t C o .
T h e c o m m i t t e e c o n s is t s o f I I . M e a d e M a s s le a n d J o h n A . P o l a n d o f
C h l ll lc o t h e . C . L . P o s t o n o f A t h e n s a n d E d w a r d O r t o n J r . , a n d A u g u s t
VV. D u n n o f C o l u m b u s .— V . 9 2 , p . 1 4 3 5 .

Delaware

Eastern RR.—

&
Sale Aug. 1 6 . — T h e f o r e c lo s u r e
s a le is a d v e r t i s e d f o r A u g . 1 6 a t M a r g a r e t v i l l c , N . Y .
The
a m o u n t d u e f o r p r i n c ip a l a n d i n t e r e s t u p o n t h e m o r t g a g e o f
1 9 0 6 is $ 1 , 1 4 7 , 9 1 7 .
C om pare V . 9 2 , p . 1 7 0 1 .

Erie RR.

— New Equipment Trusts.— T h e d i r e c t o r s , it is
r e p o r t e d , h a v e a u t h o r i z e d t h e s a le o f t h e $ 6 , 0 0 0 , 0 0 0 o f
e q u ip m e n e tr u s ts fo r th e p u r c h a s e o f $ 6 ,9 5 0 ,0 0 0 w o r th o f
e q u i p m e n t , in c l u d in g 6 0 l o c o m o t i v e s , a b o u t 3 , 0 0 0 f r e i g h t
cars an d a n u m b er of p assen g er cars.
O f t h e $ 6 ,9 5 0 ,0 0 0 , $ 5 ,7 5 0 ,0 0 0 w il l. It Is s t a t e d , b e s p e n t f o r t h e b e n e fit o f
t h e E r ie R R . p r o p e r o n a c c o u n t o f w h ic h $ 5 ,0 0 0 ,0 0 0 n o t e s w ill b e I s s u e d ,
t h e r e m a in d e r t o b e p a id f o r In c a s h , w h ile t h e N . Y . S u s q u e h a n n a & W e s t ­
e rn w ill s e c u r e $ 1 ,2 0 0 ,0 0 0 o l t h e e q u ip m e n t , t o b e m e t b y t h e s a le o f
$ 1 ,0 0 0 ,0 0 0 e q u ip m e n t t r u s t s , t h e r e m a in i n g $ 2 0 0 ,0 0 0 t o b e p a i d In c a s h .
— V . 9 2, p . 1199, 9 5 6 .

Frankfort & Cincinnati RR.—Decision.—
N a s h v i l l e R R . b e l o w .— V . 8 9 , p .

Gulf Texas &

S e e L o u is v ille

&

1223.

Western Ry.—

Bonds Authorized. —
T h e T e x a s R R . C o m m is s io n o n J u n e 2 4 a u th o r iz e d th e
r e g is tr a tio n o f $ 5 2 2 ,0 0 0 a d d itio n a l b o n d s a n d $ 2 0 0 ,0 0 0
s to c k fo r im p r o v e m e n t s m a d e o n th e r o a d a n d th e e x te n s io n
fr o m M e g a r g c l to S e y m o u r , 2 5 .2 5 m ile s .
T h e r e h a v e b e e n is s u e d $ 1 ,0 0 7 ,0 0 0 b o n d s o n t h e fir s t 5 0 m ile s fr o m J a c k s b o r o t o M c g a r g e l, a n d $ 5 0 ,0 0 0 s t o c k .
T h e C o m m is s io n o n J u n e 1 a p p r o v e d
t h e r e p o r t m a d e b y its e n g in e e r , R . D . P a r k e r , p l a c in g a v a l u a t i o n o f
$ 5 6 7 ,6 3 8 o n t h e 2 5 .2 5 m ile s fr o m M c g a r g e l t o S e y m o u r , m a k in g t h e p h y s ic a l
v a l u e o f t h e e n t ir e lin e fr o m J a c k s b o r o t o S e y m o u r , 7 5 ) 4 m ile s , $ 1 , 6 7 9 ,2 4 1 .
T o t h is t h e C o m m is s io n a d d e d 6 % , r e p r e s e n t i n g t h e fr a n c h is e v a l u e , o r
$ 1 0 0 ,7 5 4 , m a k in g t h e g r a n d t o t a l $ 1 , 7 7 9 , 9 9 5 . — V . 9 2 , p . 1 1 0 8 .

Illinois Traction Co.

— Service.— T h e c o m p a n y a n n o u n c e s
t h a t , b e g in n in g t o - d a y , e x p r e s s t r a i n s w ill b e r u n b e t w e e n
S t . L o u i s a n d P e o r i a , 1 7 4 m i l e s , w it h o n l y t w o s t o p s — a t
S p r i n g f ie ld a n d L i n c o l n .
S p r i n g f ie l d is n e a r ly 1 0 0 m i l e s
f r o m S t . L o u i s a n d L i n c o l n a b o u t 1 3 0 m i l e s , t h e r u n n in g
tim e to b e 5 h o u rs a n d 3 0 m in u t e s , o r a t th e ra te o f a b o u t
3 2 m ile s a n h o u r .
T h e " R a ilw a y A g e G a z e tte " sa y s th a t n e w p a rlo r ca rs h a v e b een o rd e re d
f o r th e s e t r a in s a n d t h a t 14 n e w in t c r u r b a n c a r s h a v e b e e n o r d e r e d f r o m
t h e S t . L o u is C a r C o .
T h e c o m p a n y is p u t t i n g u p a n e w s t a t io n a t L u c a s
a n d H ig h s t r e e t s , S t . L o u is , 1 20 f t . x 4 0 f t . , a n d t w o s t o r ie s h i g h , a n d h a s
I n s t a lle d a u t o m a t i c b lo c k s ig n a ls o n p a r t s o f it s lin e a n d o r d e r e d s ig n a ls f o r
a d d i t io n a l s e c t i o n s . — V . 9 2 , p . 1 2 3 9 , 1 0 3 2 .

Indianapolis & Louisville Traction Co

.—Receivership. —
J u d g e A n d e r so n o f th e F e d e ra l C o u rt a t I n d ia n a p o lis on
J u n e 2 2 a p p o i n t e d J o h n E . G r e e le y o f S c o t t s b u r g , I n d . , r e ­
c e iv e r f o r th e c o m p a n y o n a p p l i c a t i o n b y th e C o lo n i a l T r u s t
C o . a n d F r a n k E . B r o o k s o f P it ts b u r g h , tr u s te e s u n d e r th e
$ 1 , 2 5 0 , 0 0 0 1 s t M . o f 1 9 0 6 , o n w h ic h n o i n t e r e s t h a s b e e n p a i d
s in c e O c t . 1 9 0 8 .
H o ld e r s o f $ 1 ,2 0 7 ,0 0 0 o f th e 1 st M . 5 s
a r e r e p o r t e d t o b e a c t i n g in u n i s o n .
C om pare V . 9 2 , p .
1108,

1310.

Interborough Rapid Transit Co.—Amended Offer by City.—
See

R a p id

T r a n sit

in

N ew

Y ork

C i t y .b e l o w ;

a ls o

in

la s t

w e e k ’ s “ C h r o n i c l e .”
Tax Decision.— T h e d e c is i o n o f t h e N e w Y o r k C o u r t o f
A p p e a ls o n J u n e 6 , h o ld in g t h a t th e p o w e r h o u s e s a n d m a ­
c h in e r y ( n o t t h e re a l e s t a t e ) u s e d in c o n n e c t i o n w i t h t h e s u b ­
w a y a r e e x e m p t f r o m t a x a t i o n , w a s g i v e n a t l e n g t h in t h e
“ N e w Y o r k L a w J o u r n a l” o f J u n e 2 2 .— - V . 9 2 , p . 1 6 3 6 , 1 3 1 0 .

International Traction Co., Buffalo, &c.—Payment of
July

1 9 1 0 Coupon.— T h e s e m i - a n n u a l in t e r e s t w h ic h m a ­
t u r e d J u l y 1 1 9 1 0 o n t h e 5 0 - y e a r 4 % c o ll a t e r a l t r u s t g o ld
b o n d s w ill b e p a i d a t t h e o f f ic e o f J . P . M o r g a n & C o . , 2 3
W a ll S t ., o n o r a fte r J u ly 1 1 9 1 1 , to g e th e r w ith 5 % in te r e s t
t h e r e o n f r o m J u l y 1 1 9 1 0 t o J u ly 1 1 9 1 1 .
Deposits Aggregate 9 7 3 ^ 2 % — Advance of Interest Due July 1
1 9 1 1 . — T h e c o m m i t t e e o f h o ld e r s o f 5 0 - y r . 4 %
c o ll, tr u s t
g o ld b o n d s , R o b e r t L . F r y e r , C h a i r m a n , a n d A . H . G i l l a r d ,
2 3 W a ll S t ., S e c ’y , a n n o u n c e s b y a d v e r tis e m e n t o n a n o th e r
p a g e t h a t m o r e th a n 9 7 j ^ % o f th e a b o v e -m e n t io n e d b o n d s
h a s b e e n d e p o s ite d u n d e r th e m o d ifie d p la n d a te d J a n . 2 0
1 9 1 1 ( V . 9 2 , p . 2 6 1 ) , a n d t h a t th e n e c e s s a r y a r r a n g e m e n ts
h a v e b e e n m a d e f o r a n a d v a n c e t o t h e h o ld e r s o f c e r t if i c a t e s
o f d e p o s i t o f t h e in t e r e s t d u e J u l y 1 1 9 1 1 o n t h e b o n d s .

Bondholders who have not yet deposited their bonds, upon deposit of
the same, with July 1 1910 coupons and all subsequent coupons attached
thereto will receive an advance of the Interest due July 1 1910, Jan. 1 1911
and July 1 1911 at the office of J. P . Morgan & Co. See also the afore­
said advertisement.— V . 92, p. 261.

July 1 lu ll, j

THE CHRONICLE

K a n s a s C i t y F o r t S c o t t & M e m p h i s R y . — Bonds Offered.—
W i l l i a m S a l o m o n & C o . o f f e r a t t h e m a r k e t p r ic e t h e u n s o ld
b a l a n c e o f $ 2 , 0 8 8 , 0 0 0 r e f . M . 4 % g o ld b o n d s .
T h e p roceed s
o f t h e p r e s e n t is s u e a r e t o b e u s e d t o r e t ir e $ 2 , 0 5 5 , 3 0 0 K a n s a s
C i t y F o r t S c o t t & G u l f 5 % b o n d s w h ic h m a t u r e d J u n e 1 a n d
to re d e e m e q u ip m e n t b o n d s .
T h e re are n o w $ 2 5 ,5 6 9 ,0 0 0
o f t h e is s u e o u t .
C om p are V . 9 2 , p . 1 3 1 1 .
L o u is ia n a S o u th e r n R y . — S ee S t . L o u is & S a n F r a n c is c o .
— V . 92, p. 1565.
L o u i s v i l l e & N a s h v i l l e R R . — Decision.— T h e K e n t u c k y
C o u r t o f A p p e a l s o n J u n e 2 1 , r e v e r s in g t h e lo w e r c o u r t , h e ld
t h a t t h e p u r c h a s e o f t h e F r a n k f o r t & C i n c i n n a t i R l i . is
ille g a l a n d v o i d u n d e r t h e c o n s t i t u t i o n a l p r o h i b i t i o n a g a i n s t
t h e a c q u i s i t i o n o f p a r a lle l o r c o m p e t i n g l i n e s .
C o m p a re
Y . 92, p. 322.

Chief Justice Hobson writes the opinion, which was concurred In b y all
the other judges. It Is held that the road cannot be taken over by the
L . & N. nor the Cincinnati Southern R R ., but must be operated Inde­
pendently to afford com petitive rates for Frankfort and Paris through the
L . & N ., and to Georgetown through the Cincinnati Southern.— V . 02,
p. 1701, 1505.
M a h o n in g &
Shenango R y . &
L t . C o . — Control.— S e e
“ R e p u b l i c R y . & L t . C o . ” b e l o w .— V . 9 1 , p . 1 7 1 1 .
M a i n e C e n t r a l R R . — Refunding Mortgage— Merger.— T h e
s h a r e h o ld e r s w ill v o t e J u l y 5 o n m a k i n g a n e w m o r t g a g e o f
s u f f i c i e n t a m o u n t t o r e f u n d a ll e x i s t i n g d e b t s a n d o b l i g a t i o n s ,
in c lu d in g c o n s t it u e n t o r m e r g e d r o a d s , a n d a ls o to p r o v id e
fo r a n y im p r o v e m e n t s o r e x t e n s io n s .

■ The Washington County R y ., the Somerset R y . and the Sebastlcook &
Moosehead R li. will be merged to-day Into the Maine Central R R . Co.
The “ Maine Central R R terminal division” will cease to exist on July 1
1911, and In Its place Is substituted the Portland Terminal Co. This com ­
pany will embrace more territory than the former terminal division, as It
will Include the Interests of the Boston & Maine R R ., Maine Central R R .
and Portland Union R y . Station Co. in the cities of Portland, South Port­
land and W estbrook, marked by the city lines In each case (V. 92, p. 1506).
— V. 92. p. 1565, 1032.
M a n i l a R R . — Listed.— T h e N e w Y o r k S t o c k E x c h a n g e h a s
li s t e d $ 9 9 6 , 0 0 0 S o u t h e r n L i n e s 1 s t M . 4 % b o n d s d u e 1 9 3 9 ,
m a k i n g t h e a m o u n t li s t e d t o d a t e $ 2 , 9 9 6 , 0 0 0 .

Of the bonds just listed. $131,000 were In the treasury Deo. 31 1910, but
these, with the bonds since Issued, have been sold and the proceeds used
for construction. There are now 90 miles o f “ Southern I.lues” In opera­
tion, viz., Cavite & Male branch, 23.46 miles; Batangas line, 56.85 miles;
Santa Cruz line, 9.69 miles.

Earnings.— F o r 5 m o n t h s e n d i n g D e c . 3 1 1 9 1 0 ( 6 0 m ile s
o p e r a t e d ) , e x p r e s s e d in p e s o s ( 2 e q u a l $ 1 in U . S . c u r r e n c y ) :
Operating re v e n u e .......... P .201,8 7 0 1 Deduct—
Net operating revenue-----67,411 Rentals and taxes.............. P.11,983
Other I n c o m e -....................
921 Bond Interest
71,510
Total net Incom e--------------68,332 Balance, deficit .
.
. 15,161
— V. 91, p . 1711.
M i d l a n d V a l l e y R R . — Earnings.— P r e s . C . E . I n g e r s o l l , o f
P h i la ., w h o h a s ju s t r e tu r n e d fr o m a trip o v e r th e ro a d a n d
i t s e x t e n s i o n in t o W i c h i t a , is q u o t e d a s s a y i n g in s u b s t a n c e :

The net earnings for the year ending June 30 1911 have been sufficient to
pay the Interest on the prior Hen bonds. Interest on the 2 H -year gold notes,
with all taxes and fixed charges, and leave a surplus sufficient to provide for
necessary betterments. W hile wc hesitate to make positive statements
until the crops are actually made, the present outlook Is better than at
any time since the road went Into operation. Acreage under cultivation
has Increased more than 1 5 % .— V . 92, p. 795.
N e w Y o r k A u b u r n & L a n s i n g R R . — Default.— T h e i n t e r e s t
d u e J u n e 1 o n th e 1 t M . 5 s o f 1 9 0 5 ( V . 8 3 , p . 1 5 6 ) r e m a in s
u n p a i d , b u t n o r e c e i v e r s h i p is c o n t e m p l a t e d .

W e understand that It Is proposed to merge the com pany with the IthaeaAuburn Powe- Co. (see “ Industrials" below) and the Ithaca Street R y .—
see page 58 of “ El. R y. S ec.” A . H . Flint, 15 Broad S t., N. Y ., Is Presi­
dent of all three com panies.— V . 92, p. 262.
Y o r k C e n t r a l & H u d s o n R i v e r R R . — To Guarantee
T h e c o m p a n y h a v i n g a p p l i e d t o t h e P u b l i c S e r v ic e
C o m m . , 2 d D i s t . , f o r a u t h o r i t y t o g u a r a n t e e t h e p r i n c ip a l
a n d in t e r e s t o f $ 2 , 5 0 0 , 0 0 0 4 j / j %
b o n d s o f t h e C le a r fie ld
B i t u m i n o u s C o a l C o r p o r a t i o n , a h e a r in g o n t h e m a t t e r w a s
h e ld J u n e 2 8 , d e c is i o n b e i n g r e s e r v e d . S e e P e n n s y l v a n i a C o a l
& C o k e C o ., V . 9 2 , p . 1 4 3 9 .— V . 9 2 , p . 1 5 0 0 , 1 4 3 6 .
N ew

Bonds.—

N e w Y o r k O n t a r i o & W e s t e r n R y . — Listed.— T h e N e w
Y o r k S to c k E x c h a n g e h a s lis te d $ 6 ,6 5 0 ,0 0 0 g e n e r a l M . 4 %
b o n d s d u e 1 9 5 5 .— V . 9 2 , p . 6 6 0 , 4 6 2 .
N o r t h e r n C e n t r a l R y . — Circular.— T h e S c o t t c o m m i t t e e ,
r e p r e s e n t in g t h e n o n - a s s e n t i n g m i n o r i t y s t o c k h o l d e r s , o n
J u n e 2 8 m a il e d t o s t o c k h o l d e r s a c ir c u l a r l e t t e r a p p r i s i n g
th e m o f th e s t a t u s o f th e litig a tio n to p r e v e n t th e e x e c u tio n
o f t h e le a s e t o t h e P e n n s y l v a n i a R R .

The letter Is signed b y Arnold Elzey W aters, Chairman; J. Livingston
Minis and William II. Grafhn. The letter concludes by saying that every
clfort has been and will be made to obtain Justice for the "stockholders’
associated with our com m ittee, and wc feel that our case Is so plainly lust
that the courts must ultim ately decide In our fa vor.” — V . 92, p. 1566, 1243
& C o u n c il B l u f f s S t r e e t R y . — Bonds Offered—
R e d m o n d & C o . , 3 3 P in e S t . , N . Y . , a r e o f f e r i n g ,
b y a d v e r tis e m e n t o n a n o th e r p a g e , a t 9 7
a n d i n t ., y ie ld in g
5}4% i n c o m e , $ 2 0 0 , 0 0 0 fir s t c o n s o l . M . 5 % g o ld b o n d s , d a t e d
1902 and due Jan. 1 1928.
A u t h ., $ 1 0 ,0 0 0 ,0 0 0 ;
is s u e d ,
c o v e r i n g e n t ir e p r o p e r t y n o w o w n e d o r h e r e a f t e r a c q u i r e d ,
$ 6 ,8 1 4 ,0 0 0 .
O f th e r e m a in in g b o n d s , $ 2 ,5 0 0 ,0 0 0 a rc re se rv e d
t o r e t ir e all p r io r l i e n s , w h ic h m u s t b e r e t ir e d a t m a t u r i t y
th r e e y e a r s h e n c e (M a y 1 1 9 1 4 ) , a n d th e b a la n c e , $ 6 8 6 ,0 0 0 ,
fo r e x te n s io n s , & c ., a t n o t to e x c e e d 8 5 % o f c o s t .
iM o rto n
T r u s t C o . (n o w G u a r a n ty T r u s t C o .) , N . Y . , tr u s te e .
A
c ir c u l a r s a y s in s u b s t a n c e :
O m aha

Earnings.—

The com pany owns all the street railways In Omaha and South Omaha,
N eb., 120 miles of track: extensive real estate. Including a line power-house,
and leases until 1947, with provision for renewal, the street railways of
Council Bluffs and the connecting bridge. Altogether operates 150 miles of
track. Has favorable franchises extending beyond Jan. 1 1928.
•During the past eight years gross earnings have Increased 8 5 % , surplus
after fixed charges nearly 7 5 % , notwithstanding that present charges In­
clude $240,000 reserve for dcprec., with no corresponding charge In 1903.




45

Earnings fo r Calendar Years 1910 and 1909.
1910.
1909.
1910.
$
$
$
Crossline. m lsc.)2,639,664 2,328,951 Int. & ren ta ls.. 552,806
Net (after taxes) 1,198,782 1,008,335 R es. for d cp rec. 240,000

1909.
$
523,551
240,000

Bal. for dividends (now 4 % on $5,000,000 com m on
stock and 5% on $4,000,000 pref.) _____________
405,976
244,784
Since 1902 additions and betterments have aggregated $3,722,213, of
which $2,517,953 was paid for out of funds on hand and current earnings.
Omaha Is the terminal of ten great trunk lines, one of the most Important
centres of the packing Industry, and one of the greatest of the grain markets.
Population, steadily Increasing, now exceeds 124,000. Total population
served by this com pany, approxim ately 250,000.— V . 86, p. 169.
• •
P i t t s b u r g h F t . W a y n e & C h i c a g o R y . — Listed.— T h e N e w
Y o r k S to c k E x c h a n g e h a s lis te d $ 3 ,3 3 8 ,3 0 0 a d d itio n a l g u a r ­
a n t e e d s p e c ia l s t o c k , m a k i n g t h e t o t a l a m o u n t li s t e d t o d a t e
$ 4 8 ,0 3 2 ,9 0 0 .
T h e a d d itio n a l s to c k c o v e r s :

L o c o m o t iv e s ---------------------.$ 6 6 5.73 7 1Bridges .and culverts________ $14 588
G ondola and flat cars---------- 711,064 |ThIrd and fourth tracks
273'°96
156’ 170
Passenger, baggage, b o x fc
iSIde tracks_______
caboose cars--------------------- 181,188 (Track elevation __________ " " 7 5 i ’ c90
Engine houses----------5,982
ISalaries & exp. of engineers
25 456
Station h o u se s......................
32,723 I Real estate and right of way 520^475
— V. 89, p. 104.
P i t t s b u r g h & S h a w m u t R R . — Offering of 6 %
Collateral
H a llg a r t e n & C o ., R h o a d e s & C o ., W ill ia m S a lo m o n
& C o . a n d t h e G u a r a n t y T r u s t C o . o f N e w Y o r k a r e o ffe r in g
a t p a r a n d i n t . t h e e n t i r e n e w is s u e o f $ 3 , 2 5 0 , 0 0 0 “ e q u i p m e n t
a n d fir s t lie n c o ll , t r u s t 2 - y e a r 6 % g o ld n o t e s , ” d a t e d J u n e 1
1 9 1 1 a n d d u e J u n e 11 9 1 3 , b u t r e d e e m a b l e , a ll o r a n y , a t 1 0 1
a n d i n t . o n 3 0 d a y s ’n o t i c e .
In t. J. & D .
Par (c *& r *).
G u a r a n ty T ru st C o . o f N . Y ., tru ste e.
T a x - e x e m p t in P a .
'

Notes.—

Condensed Statement by President Edwin E. Tait, New York. June 24 1911
Purpose.— These notes are Issued to provide (a) for the com pletion of the
lines of the com pany, and particularly of Its main line from Knoxdale Pa
to the Oakland and Tidal coal fields (near Mahoning, Pa ) where the mines
o f its subsidiary, the Allegheny R iver Mining Co., arc now ready for onera
tlon; (6) for the purchase of locom otives and coal cars- and (c) for the
further developm ent of the coal properties of the Allegheny R iver Mining
Co. This financing further advances the plan to establish (jointly with The
Pittsburgh Shawmut & Northern, a controlled property) the shortest
through line between the Pittsburgh district and Central New Y ork thereby
providing an outlet for over 116,000 acres of coal lands.
’
Note issue.— The notes are Issued under an indenture executed bv T h«
Pittsburgh & Shawmut R R . Co. and the Allegheny River Mining Co
As security there will be pledged (1) $3,350,000 Plttsb. & Shawmut
R R . 1st M. 5% sinking fund gold bonds, due Dec. 1 1959; (2) J l 250 000
Allegheny River Mining Co. 1st Al. 5% bonds, due June 1 1913- being the
entire auth. issue; (3) railroad equipment to cost about $640,000.
Description o f Security.— The $3,350,000 P. & S. R R . 1st A l’ 5% bonds
are part of an auth. Issue of $12,000,000, of which $4,000 000 have been
sold (V . 92, p. 188). Said bonds are secured by a 1st M. (a) on 36 miles
of road from Brockwayville, Pa., to Knoxdale, Pa., completed and In opera­
tion; (£>) on 65 miles additional from Knoxdale to Freeport, P a., now about
85% com pleted; (c) on the following bonds of the Plttsb. Shawmut & Nor
R R . Co.: $11,953,000 ref. 4s out of a total of $14,491,000 outstanding and
$58,000 1st AI. 5s out of a total of $164,000 outstanding; (d) on the entire
$3,607,262 outstanding capital stock of Allegheny River Alining Co
In ­
cluding the proceeds of these notes to be applied to Its construction the
Pittsburgh & Shawmut Investment In its railroad property aggregates not
less than $9,000,000, apart from Its investment In the Pittsb. Shawmut &
Northern securities.
The $1,250,000 Allegheny River Alining Co. 1st Al. 5s are a 1st M on
more than 24,000 acres of coal land owned In fee, together with the most
modern of labor-saving equipment for mining, &c. Including the funds
provided by these notes to be expended on development work, this nronertv
Is valued at upwards of $5,000,000.
1 v
'
The equipment consists of six new 100-ton locom otives, 500 steel hopperbottom coal cars. 50-ton capacity, and 6 caboose cars under order to he
built at a total cost of about $640,000.
Lease.— The Plttsb. & Shawmut R R . Is leased to The Pittsb. Shawmut &
Northern R R . Co. at a rental equal to the net earnings of the P & S R R
plus 10c. per gross ton on coal delivered by the P. & S. R R . to the P S &
N. The most important coal fields served are located on the P & S -R R
and the Allegheny River Alining Co. Is under contract to mine and deliver
to the railroad a minimum o f 1,500,000 tons in each year 1912 to 1960, lncl.
Earnings.— Even on the basis of present partial operations the gross
earnings of the com bined railroads for the year ending June 30 1911 will be
about $6,000 per mile, which, under normal operating conditions together
with the revenues from the present coal development, would be ample for
the paym ent of all fixed charges of The P. & S. R R . Co. Net earnings for
the current fiscal year ending June 30 1911 practically cover the Interest on
the present Investment on that part of the P. & S. R R . now In operation
As further security for the notes during tills construction period. The Pittsb’
& Shawmut R R . Co. has deposited with the trustee funds sufficient to pay
the Interest charges on these notes until their m aturity. For the year
ended June 30 1913 the net earnings o f The Pittsb. & Shawmut R R Co
should be at least $492,000, or well in excess of the present fixed charges*
Including Interest on these notes.
’
Railroad.— The P. & S. R R . has been constructed with 85-lb steel rails'
stone ballast, bridges of steel with concrete foundations and a ruling grade
of 0.63% northbound. The construction work will extend the line toward
Mahoning with the intention of ultimately reaching Freeport, a distance of
28 miles from Pittsburgh. The P. S. & N . R R . comprises 204 6 miles
of road (Including 20.62 miles of leased lines and trackage). and Is well con­
structed, chiefly with 85-lb. steel rail and amply supplied with m odem
equipment. The combined lines will total 325 miles, connecting at or near
VVayland, N . Y ., with the D. L. & W . R R ., and at Hornell, N. Y . with the
Erie R R ., and forming via these trunk lines part of a through coal route to
im portant manufacturing and commercial centres. Including New Vnrk
Harbor and New England.
Coal— Market.— The P. & S. R R . C o., through the Allegheny River
Alining C o., owns or controls over 24,000 acres of coal lands adjacent to Its
lines, estimated to contain 144,000,000 tons of Freeport and other highgrade bituminous coals, especially adapted for steam and coking purposes.
There Is also under option and purchase contract a sufficient area tributary
to this railroad to yield 600,000,000 tons of coal. The miles will have an
annual productive capacity of over 2.000,000 tons by the end of this year
The orders booked for delivery during the current year largely exceed the
productive capacity of the mines, which will necessitate purchases in the
market. The Shawmut coal has a large market and Is well known in New
York State, New England and Canada.
Directors.— Edwin Hawley, Theodore P. Shonts, William H Taylor
Frank Trumbull, Thomas H . Hubbard, Edwin E. Talt, H arry Bronner
and Henry E. H untington.— V . 92. p. 403, 188.

Pueblo (Col.) & Suburban Traction

&

Lighting Co.—In

Possession.—

H . M . B y l l e s b y & C o . , C h ic a g o , w h o r e c e n t ly
p u r c h a s e d t h is c o m p a n y a n d a llie d i n t e r e s t s in C o lo r a d o , t o o k
p o s s e s s io n o f t h e p r o p e r t ie s J u n e 1 4 .

The Pueblo & Suburuan Traction & Lighting Co. operates the street
railway system of Pueblo and supplies electricity to Pueblo and the Cripple
Creek gold-m ining district, Including the cities of Cripple Creek Victor
and Goldfield. The towns of La Junta and R ockyford are served with
electricity by subsidiary corporations. A steam electric power station of
4,135 k.w . at Pueblo and a hydraulic power plant of 1,600 k.w. at Skaguay
are operated. Arrangements are being made to increase the ca p a city fof
the steam station at Pueblo and to extend transmission lines to serve addi­
tional cities and towns. Additional hydro-electric developm ents also are
contem plated. W . F. Raber is at present in charge of management for
Byllesby & C o — V. 92, p. 1636.

Quebec & Lake St. John Ry.— Interest Payment. —
b o n d h o ld e r s ’

p r o te c tiv e

c o m m itte e

announces

in

The

London

46

THE CHRONICLE

[V O L . L X X X X I 1 I.

Earnings fo r 1911 to 1913, as Estimated by Executive in Charge of Operation.
t h a t , in a n t i c i p a t i o n o f le g i s l a t i v e s a n c t i o n o f t h e a g r e e m e n t
1911.
1912.
1913.
o f F e b . 1 6 la s t , th e c o m p a n y h a s u n d e r ta k e n to p a y , o n or
Gross earnings...................... ......................... $2,441,601 $2,623,971 $2,806,948
b e f o r e J u l y 1 , t o t h e c o m m i t t e e , i n t e r e s t t o J u l y 1 1 9 1 1 u p o n . Oper. exp. and Interest charges_________ 1,953,473
2,061,338 2,165,005
th e n e w 4 % d e b e n tu r e s t o c k .
This Is the Interest to which the com m ittee, as holders ot deposited bonds,
will be entitled In accordance with the agreement, on exchange o f securities,
such paym ent to be deemed to have been made on account o f arrears of
Interest due on the deposited bonds should the agreement not be sanctioned.
T he com m ittee’s certificates should be lodged with Glyn, Mills, Currie A
C o., L ondon . Sco V. 92, p. 1033.
R a p i d T r a n s i t in N e w Y o r k C i t y . — Award to Brooklyn
Rapid Transit— Offer to Interborouyh Co. Renewed.— T h e
B r o o k ly n R a p id T r a n s it C o . a n d th e In te r b o r o u g h R a p id
T r a n s i t C o . o n J u n e 2 7 r e p lie d b y l e t t e r t o t h e o f f e r s o f t h e
B o a r d o f E s t i m a t e a n d t h e P u b l i c S e r v ic e C o m m i s s i o n m a d e
to th e m a t th e m o o tin g o f th e B o a r d o f E s t i m a t e o n J u n e 2 1
fo r th e c o n s tr u c tio n a n d o p e r a tio n o f s u b w a y a n d e le v a te d
lin e s .
T h e f o r m e r s ig n if ie d i t s w ill in g n e s s t o a c c e p t t h e
o f f e r , p r o v i d e d c e r t a i n m o d i f i c a t i o n s w e r e m a d e , w h ile t h e
I n t e r b o r o u g h C o . d e c lin e d t o e n t e r t a i n t h e o f f e r m a d e t o it
b e c a u s e o f th e o n e r o u s c o n d itio n s im p o s e d .
T h e B o a r d o f E s t i m a t e y e s t e r d a y a d o p t e d th e s u p p le ­
m e n t a r y r e p o r t o f t h e M o A n e n y c o m m i t t e e a w a r d i n g th e
B r o o k l y n R a p i d T r a n s i t C o . t h e a d d i t i o n a l lin e s a l l o t t e d to
it in t h e o r ig in a l r e p o r t ( Y . 9 2 , p . 1 6 3 7 ) a n d a c c e p t i n g t h e
m o d ific a t io n s p r o p o s e d b y th e c o m p a n y , th e B . R . T . to
h a v e th e r ig h t u n t il J u ly 6 to e le c t to ta k e th e a d d itio n a l
li n e s o f f e r e d t o t h e I n t e r b o r o u g h C o . u n l e s s t h a t c o m p a n y
a c c e p t s th e a m e n d o d p r o p o s a l re fe rre d to b e lo w .
P repara­
tio n s fo r c o n s tr u c tio n a r e to b e b e g u n a t o n c e .
T h e s u p p le m e n ta r y r e p o r t a ls o p r o v id e s t h a t a le tte r b e
s e n t to th e In t e r b o r o u g h C o . s ta tin g t h a t th e g e n e ra l m o d i­
f i c a t i o n s g r a n t e d t o t h e B r o o k l y n R a p i d T r a n s i t C o . s h a ll
b e m a d e a p p l i c a b l e t o it in c a s e it a c c e p t s t h e c i t y 's o f f e r ,
a n d g r a n t i n g t h e f o l l o w i n g c o n c e s s io n s :

• First, that U the Interborough accept the elevated third-track franchises
and subway lines both, under an arrangement In the case of the elevated
lines providing that the Increased net prollts over present earnings be
divided equally with the city, any dellcit below the amount of present net
earnings on the elevated which might be realized after third tracking shall
be made cum ulative, to be made up out of future Increased profits before
the division with the city begins.
Second, that in the leveling of the present leases to 49-year terras, the
city forego the right to claim an adjustment of the rental at the end of the
original term on each lease, namely 50 years from the beginning of opera­
tion on the Manhattan and Bronx division of the subway and 35 years from
the beginning of operation on the Brooklyn extension.— V . 92. p. 1701,1637.
R e p u b l i c R a i l w a y & L i g h t C o . , N e w Y o r k . — Amalgama­
T h i s c o m p a n y w a s i n c o r p o r a t e d J u n e 2 8 1 9 1 1 , in
N e w J e r s e y , w it h p o w e r , a m o n g o t h e r t h i n g s , t o o w n th e
s e c u r i t i e s o f c o m p a n i e s o p e r a t i n g o r c o n t r o l l i n g e le c t r i c
l i g h t , p o w e r , g a s , e le c t r i c r a i l w a y a n d o t h e r p u b l i c u t i li t i e s .
T h e c o m p a n y h a s u n d e r o p t i o n a n d is a c q u i r i n g o v e r 9 7 %
o f t h e o u s t a n d i n g c a p it a l s t o c k s o f t h e f o l l o w i n g c o m p a n i e s ,
m o s t o f w h ic h h a v e in t h e p a s t b e e n m o r e o r le s s f u l l y c o n ­
t r o lle d b y t h e M a h o n i n g & S h e n a n g o R a i l w a y & L i g h t C o .
( s e e p . 1 2 4 o f “ E l . I t y . S e c t i o n ,” a l s o , V . 9 0 , p . 1 5 5 4 ) .

tion.—

Mahoning & Shen. R y. & Light Co. New Castle & Mali. St. R y. Co.
Youngstown-Sharon R y . A L t. Co. Trumbull Electric R R . Co.
Mineral Ridge & Niles Traction Co.
Sharon A New Castle Ryu. Co.
Youngstown Cons. Gas & Elec. Co.
Penna. A iMahoning V al. R y . Co.
New Castle Traction Co.
Merchants’ L t., H t. & Power Co.
New Castle Electric Co.
Youngstown & Sharon St. R y. Co.
Lawrence Gas Co.
Shenango Valley Electric Lt. Co.
Mahoning Valley R y . Co.
Sharpsvlllc Electric Light Co.
Mahoning Val. So. East. R y . Co.
Sharon Gas & Water Co.
New Castle A Lowell R y . Co
Sharon A W hcatl’ d St. R y . Co.
New Castle A Lowell R ealty Co.
Shenango Valley St. R y . Co.
W heatland Street R y. Co.
Valley Street R y . Co.
Sharon A New Castle St. R y.C o.(P a .)
Young. Pk. & Falls St. R y . Co.
Sharon A New Castle R y. Co. (Ohio)
Now Castle Electric St. R y . Co.
Capitalization ojR epublic Ily. & Light Co.. Holding Co., with N o Bonded Debt.
Pref. stock 6% cum ulative, authorized, $10,000,000 In $100
_________________
$5,200,000
shares; to be Is s u e d ,__________________ _
Comm on stock, authorized, $7,500,000 In $100 shares; to be Iss’d 0.360,000
The com m on stock will be Issued In the form of voting trust certificates.
Subscriptions payable to Guaranty Trust Co. N. Y .
The

com pany

c o n tr o ls

27

c o r p o r a tio n s , o w n in g a n d

op­

e r a t i n g m o r e t h a n 1 4 5 m i l e s o f e le c t r i c r a i l w a y , in t h e c it ie s
a n d v a lle y s o f th e M a h o n in g a n d S h e n a n g o r iv e r s , m id w a y
b e t w e e n P i t t s b u r g h a n d L a k e E r i e , i n c l u d in g t h e lo c a l
s tr e e t r a ilw a y s y s t e m s o f Y o u n g s t o w n , S h a r o n a n d N e w
C a s tle .
A l s o t h e e le c t r i c li g h t i n g s y s t e m s in Y o u n g s t o w n ,
N e w C a s tle , S h a r o n , & c .
P o p u l a t i o n s e r v e d in e x c e s s o f
2 0 0 , 0 0 0 , a n in c r e a s e o f 6 4 % s in c e 1 9 0 0 .

lies ume of Services Rendered in Various Communities.
' Public
City Street
Commerc'l Lt.
Interurban
Gas Plants
Railways.
Lighting.
Railways.
and Power.
Owned.
Youngstown
Youngstown
Youngstown
Y o ingstowu
Youngstown
Girard
Girard
Girard
Girard
Niles
Niles
Mineral Ridge Mineral Ridge
Warren
Warren
Leavlttsburg Leavlttsburg
Struthers
.Struthers
Struthers
Struthers
Lowellvllle
Lowellvllle
Edenburg
Edenburg
New Castle
New Castle
New Castle
New Castle
New Castle
Mahonlngton Mahonlngton Mahonlngton
Hubbard
Hubbard
New Bedford
Sharon
Sharon
Sharon
Sharon
Sharon
Sharpsvlllc
Sharpsville
Sharpsvlllc
Sharpsvllle
‘
South Sharon ___________
South Sharon
_________
___________
________________________ _ _
W heatland
..... .......... _
___________
___________
___________
West Middlesex _____ . . .
Entire territory practically a continuous settlement with numerous steel
plants and other manufacturing Industries centering at Youngstown with
population In 1910 of 79.066, an increase of over 76% from 1900. Annual
pay-roll, $24,000,000. Over $50,000,000 invested in m anufacturing.
Annual tonnage exceeds 19,000,000 tons.
Franchises satisfactory. Counsel advises that practically all the Penn­
sylvania railway franchises arc perpetual. The franchises In the city of
Youngstown have recently been renewed for 25 years, the m aximum time
permitted by law. The most Important Interurban franchises in Ohio e x ­
pire from 1945 to 1950.
Earnings for Year ending A p ril 30 1911 and Cal. Years 1908 to 1910.

1910-11.
1910.
1909.
1908.
G ro ss ----------------- ------------------ $2,220,417 $2,202,223 $1,922,315 $1,718,550
Oper. exp. & fixed ch a rg es.. 1,765,954 1,756,535 1,546,399 1,555,394
Cl

S u r p lu s ...............................




$460,463

$445,688

$375,910

$163,156

Surplus------------------------------------------------D iv. 0% on $5,200,000 Rep. R y. A Lt.
pref. s t o c k .-------------------------------

$488,128

$562,633

$011,883

312,000

312,000

312,000

B a la n ce ----------------------------------------------- $176,128
$250,033 $329,883
Officers.— Pres., James Parmelcc; V.-Pres., De Forest Candco; V .-P res.
A T rcas., Geo. A . Galllver; Sec., G. F . R avcncl.
Directors.— Samuel M cRoberts and Thomas A . Reynolds, Nat. City Bank ;
Myron T . Herrick, Pres. Society for Savings, Cleveland; Anson W Burchard, Asst, to President General Electric Co.; R . E. Breed, Pres. American
Gas A Electric Co.; Henry H. Wchrhane, Hallgarten A Co.; R ay Morris,
W hite, Weld & Co.; James Parmclee and Parmely Herrick, Cleveland E lec­
tric Illuminating Co.; DeForest Caudee and Geo. \. Galllver, Federal U tili­
ties, Inc.; Norman McD. Crawford, Pres. Mahoning A Shenango R y. A Lt.
Co.; Harrison Williams, Amer. Gas A Elec. C o., Federal Lt. A Trac. C o.,
Federal Utilities. Inc., Pres. Springfield R y . A Lt. Co.; .1. .1. Bodell Bodcll
A C o., Providence, director Amer. Textile Co.; John R . Turner, the Cor­
poration Trust Co , Jersey City.
Advisory Committee will be Frank A . Vanderlip, C. A . Coffin and J. J.
S torrow . Harrison Williams has taken an active part In the negotiations.
Hawkins. Delaflcld A Longfellow are acting as counsel. N . Y. office will
probably be 60 B roadway. N. Y . City.
F r a n c i s c o R R . — Lease of Louisiana
L o u i ia n a S o u t h e r n R y . t o t h e
h a s b e e n n e g o t i a t e d , t h o u g h th e
p a p e r s h a v e n o t y e t b e e n sig n e d .
T h e ro a d e x te n d s so u th
f r o m N e w O r le a n s a l o n g t h e M is s i s s ip p i o n t h e e a s t s id e t o
B e l a i r , a b o u t 3 0 m i l e s , w it h a 1 6 - m i l e b r a n c h t o S h e l l
B e a c h o n L a k e B o r g n e .— V . 9 2 , p . 1 5 0 1 , 1 3 7 5 .
S t.

L o u is

&

San

Southern.— A le a s e o f t h e
S t . L o u is & S a n F ra n c isc o

S e a t t l e - E v e r e t t T r a c t i o n C o . — Pref. Stock.— T h e s h a r e ­
h o ld e r s w e r e t o v o t e y e s t e r d a y o n in c r e a s in g t h e c a p i t a l
s to c k b y th e a u th o r iz a tio n o f S I , 0 0 0 ,0 0 0 o r $ 1 ,5 0 0 ,0 0 0 6 %
c u m u la t iv e p r e fe rre d s t o c k .— V . 8 8 , p . 1 0 6 2 .
S e d a l i a L i g h t & T r a c t i o n C o . — For closure Decree.— J u d g e
P o l lo c k in t h e U n i t e d S a t e s C i r c u it C o u r t a t J e ff e r s o n C i t y ,
M o . , o n J u n e 3 0 o r d e r e d t h e f o r e c lo s u r e s a le o f t h e r o a d
u n d e r th e 1 st M . o f 1 9 0 6 .— V . 9 1 , p . 8 7 1 .
S o u t h e r n P a c i f i c C o . — Union Pacific Control Held Legal. —
S e e U n i o n P a c i fi c R R . b e l o w .— V . 9 2 , p . 1 4 3 7 , 1 1 8 0 .
S o u t h e r n T r a c t i o n C o . , D a l l a s , T e x . — Purchase by Allied
P re sid e n t J . F . S tr ic k la n d , D a lla s , J u n e 1 9 , w r o te :

Interests.—

The properties of the W aco Gas Co. and the Citizens’ Railway C o., both
of W aco, T e x ., were purchased and taken over by m yself and associates on
the first day of this m onth. All the securities Issued by the W aco Gas Co.
will be canceled, and the property owned by It deeded within the next few
days to the W aco Electric A Gas C o., which was chartered a few days ago.
The securities of the W aco E lectric A Gas Co. will be brought out at the time
of this transfer. The property owned by the Citizens’ R y . Co. will bo deeded
In a like manner to the W aco Street R y . Co. within the next few days.
[The Southern Traction Co. has the following trustees, directors and
officers: (a) Trustees— Chas. II. A llyn, Corsicana; W . D. Lacy, W aco; J. K .
Parr, Hillsboro; S. M. Dunlap, Italy; J. Baldridge, Ennis; J. Houston;
Miller, W axahachle, and W . R . McDaniel, M ilford, (b) Directors— J. F.
Strickland, Osce Goodwin, R . E. L. Sauer and C. W . H obson, all of Dallas;
J. E. Whltesellc and J. A . Thom pson, Corsicana; M. A . Cooper, W . W . Seley,
H. H. Shear and Jas. B. Baker, all of W aco; T . J. Cole and G. VV. Coleman.
W axahachle. (c) Officers— J. F. Strickland, Pres.; T . A . Ferris, Treas.
Jas. P. Griffin, Sec.]— V . 92, p. 1566.
T o l e d o S t . L o u i s & W e s t e r n R R . — Decrease in Other In­
S e e C h ic a g o & A l t o n R R . a b o v e . — V . 9 1 , p . 1 4 4 1 .

come.—

U n i o n P a c i f i c R R . — Dividend Omitted
S e e C h ic a g o & A l t o n R R . a b o v e .

on Stock Owned. —

Favorable Decision in Government Suit to Set Aside Control
of Southern Pacific and Stock Holdings in Other Roads.— T h e
U . S . C ir c u it C o u r t f o r t h e E i g h t h C i r c u it ( D i s t r i c t o f U t a h )
a t S t . L o u is , M o ., o h S a tu r d a y la s t , b y a v o te o f 3 to 1 ,
h a n d e d d o w n a d e c is i o n d i s m i s s i n g t h e s u i t b r o u g h t b y t h e
G o v e r n m e n t in J a n . 1 9 0 8 t o c o m p e l t h e c o m p a n y t o d i s p o s e
o f i t s la r g e i n t e r e s t s in t h e S o u t h e r n P a c i fi c C o . a n d S a n
P e d r o L o s A n g e le s & S a lt L a k e R R . , a n d its m in o r h o ld in g s
in t h e S a n t a F e , t h e G r e a t N o r t h e r n a n d N o r t h e r n P a c i f i c ,
o n t h e g r o u n d t h a t a ll o f s a id r o a d s a r e c o m p e t i t o r s , a n d t h a t
t h e o w n e r s h ip o f s t o c k t h e r e i n is t h e r e f o r e i l le g a l .
J u d g e E l m e r B . A d a m s w r o t e t h e m a t o r i t y o p i n i o n , w h ic h
w a s c o n c u r r e d in b y J u d g e s S a n b o r n a n d V a n D e v a n t e r ( n o w
a U . S . S u p r e m e C o u r t J u s tic e , w h o s a t a t th e a r g u m e n t o f
th e c a s e ). J u d g e W illia m C . H o o k w r o te a d is s e n tin g o p in io n .
T h e o p i n i o n s , w h ic h a r e l e n g t h y , a r e r e v i e w e d in a n e d i ­
to r ia l o n p r e v i o u s p a g e s o f t o - d a y 's i s s u e .
S e e a lso n e w s
i t e m in Y . 8 6 , p . 2 8 7 .
T h e m a i n p o i n t d e c i d e d in t h e c a s e m a y b e s a i d t o b e t h a t
t h e U n i o n P a c ific w a s n o t a s u b s t a n t i a l c o m p e t i t o r f o r t r a n s ­
c o n t i n e n t a l b u s in e s s w i t h t h e S o u t h e r n P a c i fi c in o r p r i o r t o
t h e y e a r 1 9 0 1 , a n d t h a t ‘ ‘ t h e t r i flin g b u s in e s s d o n e b y t h e
S o u t h e r n P a c i fi c o n t h e m i n o r li n e s o r t o s u p p r e s s a c o m p e t i ­
t i o n in t r a f f i c w h ic h w a s in t h e a g g r e g a t e o f s u c h s m a l l p r o ­
p o r tio n s
c o u ld n o t h a v e b e e n t h e in s p i r a t i o n o f t h e v a s t
o u t l a y i n v o l v e d in t h e p u r c h a s e o f t h e H u n t i n g t o n s t o c k .
It
d id n o t a m o u n t t o a d i r e c t a n d s u b s t a n t i a l r e s t r a i n t o f e i t h e r
in te r -S ta te o r in te r n a tio n a l c o m m e r c e .
T h i s is n o t s u f f i c i e n t
t o b r in g i t w it h i n t h e c o n d e m n a t i o n o f t h e a n t i - t r u s t l a w . ”
— V . 92, p. 1437, 1180.
U n i t e d R a i l w a y s & E l e c t r i c C o . o f B a l t i m o r e . — Note Offer­
A le x . B row n & S o n s, as
fis c a l a g e n t s f o r t h e c o m p a n y , a n n o u n c e b y c ir c u l a r d a t e d
J u n e 2 7 1 9 1 1 th a t s u b s c r ip tio n s fo r th e $ 3 ,1 2 5 ,0 0 0 5 % 3 -y e a r
c o ll a t e r a l t r u s t c o n v e r t i b l e n o t e s , o f f e r e d a t 9 8 ) ^ , t o y i e l d
s lig h tly o v e r 5 K %
( o r m o r e if c a ll e d f o r r e d e m p t i o n ) , w ill
c lo s e a t 1 2 o 'c l o c k n o o n J u l y 8 .
A ll s t o c k h o l d e r s o f r e c o r d
a t n o o n J u l y 8 1 9 1 1 w h o m a y s u b s c r i b e w ill b e g i v e n p r e c e ­
d e n c e in t h e a l l o t m e n t s a n d w ill r e c e iv e a n a l l o t m e n t o f
$ 1 0 0 o r n o te s o r m u ltip le s th e r e o f fo r e v e r y 10 sh a re s o f
s to c k or m u ltip le s th e r e o f, n o tw ith s ta n d in g a n y - o v e r -s u b ­
s c r ip t io n f o r t h e n o t e s .
S u b s c r ip t io n s are p a y a b le J u ly 15
a t t h e o f f i c e o f s a id b a n k e r s .
T h e c ir c u l a r r e p o r t s :

ing— Stockholders Have Preference.—

T o be dated Julv 15 1911, to mature July 15 1914. Convertible Into
com m on stock at $25 per share (par $50). Redeem able at par and Interesv

J

u l y

THE

1 1911

r .H R O N ir .l.E

upon 60 days’ notice. Principal and Interest payable at bahklng house of
Alexander Brown & Sons, Baltimore. Safe Deposit & Trust Co. of Balti­
m ore. trustee. Denominations 5100, 5500 and 51,000 (c).
The holders o f notes will have the ligh t at any time up to and Including
Jan. 2 1914 (unless called for redem ption as hereinafter set forth) to convert
the principal o f each note Into shares of the com m on stock of the com pany
at 525 per share (par 550). Five days’ notice o f the intention to convert
must be given to the com pany in writing; conversions to be m ade at the
office o f A lex. Brown & Sons, as fiscal agents.
The com pany Is entitled to receive $2,500,000 first consolidated mortgage
4% bonds to be used on account of the proposed retirement of the Baltimore
Cltv Passenger R y . Co. bonds and certificates. The above 1st consols, to
gether with all of the com m on stock Into which the notes arc convertible,
viz., $6,250,000 parvalue, will be deposited with the trustee as collateral
for the 53,125,000 of notes. The above collateral has a present market
value of about 54,500,000. Inasmuch as the car trusts (the unmatured
5535,000 series B and C) arc not redeemable until Oct. 1 1911, and as the
Baltimore City Passenger Issues do not mature until N ov. 2 1911, the pro­
ceeds of the notes will be deposited with the trustee In trust until the pur­
chase or paym ent o f said car trusts and bonds.
A ny number o f the above notes m ay be called for redemption at any time
or times upon 60 days’ notice: the right o f holders to convert the principal
of the notes called Into com m on stock will cease 5 days prior to the date
named In the notice for the payment thereof. In the event that It Is deter­
mined to call a part only, the notes to be oalled will be drawn b y lot.
The com pany on June 11911 resumed paym ent of Interest on Its Income
bonds. On the basis of the above given earnings for 1910, after deducting
operating expenses, fixed charges, taxes, rentals and Interest on Income
bonds (less annual payments on securities retired with the proceeds o f these
notes) the surplus applicable to Interest on these notes Is over 5 times Int.
charges. This Is without allowing for any Increase of net earns, during 1911.
The above Issue Is dependent upon the approval o f the stockholders
and the Public Service Comm. o fM d . Compare V . 92, p. 1702, 1437, 1175.

Virginia Railway

Power

&
C o .—Ratified.— T h e s h a r e ­
h o ld e r s o n J u n e 2 4 r a t ifie d t h e m e r g e r a g r e e m e n t a l r e a d y
a p p r o v e d b y t h e s h a r e h o ld e r s o f t h e N o r f o l k & P o r t s m o u t h
T r a c tio n C o .
C om pare V . 9 2 , p . 1 4 3 7 .

Wabash-Pittsburgh Terminal Ry.

— Plan.— N o
o f f ic ia l
s t a t e m e n t is o b ta in a b le re g a r d in g th e r e o r g a n iz a tio n p la n ,
w h ic h i t is e x p e c t e d w ill s h o r t l y b e a n n o u n c e d .
T h e “ W a ll
S t r e e t J o u r n a l " o n T h u r s d a y o u t li n e d t h e p r o p o s e d p l a n ,
s u b je c t to m in o r c h a n g e s , a s fo llo w s :

(1) The W abash-Pittsburgh Terminal-Wheeling <$c Lake Brie properties
will be consolidated and operated as an Independent com pany. The prouosed plan calls for the Issuance of new securities about as follows: $13,400,#00 1st #>ra)l. (9 to be Immediately soU for cash and $3,200,000 to be Is­
sued In exchange for old secu rin g , .>24,000,000 5% adjustment bonds,
cumulative after two years: $24,000,000 5% non-cum ulativc pref. stock
and $40,000,000 com m on stock.
Present holders of Wabash-Pittsburg Terminal 1st M. Is will receive 10%
of the par value of their holdings In new first M. 4s, 50% In adjustment
bonds, 40%, In pref. stock and 20'%, lu com m on stock. These bondholders
will also have the privilege of paying an assessment of 25% on the Wheelng stock and receiving In return therefor pro rata the securities issuable
to the 51.7% of Wheeling stock owned by the Terminal Railway.
Terminal Railway 2d M. bonds will pay an assessment of 25%, and will
receive 15% In adjustment 5s, 15%, In pref. stock and 70%, In com . stock
All classes of Wheeling A Lake Erie stock will be assessed 25%, and the
1st pref. In exchange of securities will receive 15%, In adjustments 15%
In pref. and 100%, In com m on stock. The 2d pref. stockholders will get
15% In adjustments, 15% in pref. and 70% In com m on, and the com m on
stockholders will get 15% In adjustments. 15% in pref. and 60'% In com
All of the new securities and assessments will be underwritten by a syndicate
o f ,o?n£S rs,F?p.Tes£n£I?,B A!10 lst and 2d m ortgage protective eommtttecs.
(2) rlh e W abash R R . directors arc expected to ratify an agreement with
the Wabash-Pittsburgh Terminal r e o r g a n i z a t i o n tlw
terms of which the W abash will give up all claims against the Terminal com ­
pany am ounting to about $0,600,000, also $14,000,000 stock and $3 800 000
consols of the Pittsburgh Terminal R R . & Coal Co., and will receive in
consideration therefor $1,000,000 adjustment 5s and $3,200,000 pref stock
to be Issued b y the reorganized Wheeling and Terminal Co.
The W abash board will also consider the question of a new $5,000,000
loan, made necessary b y the surrender o f the above-m entioned securities
which are deposited under the Wabash R R . extended 4 } j % notes. The
matter is Intricate , Inasmuch as all of the collateral deposited under the
extended notes reverts under the com pany’s refunding and extension mort­
gage Immediately upon cancellation of the trust agreement under which the
4J4% notes were m ade.— V'. 92, p. 1702..

Wabash RR.—

Debenture Interest.— T h e d i r e c t o r s o n
W e d n e s d a y d e c la r e d a s e m i-a n n u a l d is t r ib u tio n o f o n ly 1 %
o n t h e d e b e n t u r e B b o n d s , p a y a b l e in J u l y 1 9 1 1 , c o n t r a s t i n g
w it h 2 % s e m i - a n n u a l l y f r o m J a n . 1 9 1 0 t o J a n . 1 9 1 1 , in c h
O n ly $ 1 ,2 7 6 ,0 0 0 o f th e B s a r e n o w h e ld b y th e p u b lic .
’9«- ’97-’ 99. ’ 00-'04. ’05. ’ 06. ’07. '08. '09. ’ 10. ' l l .
A f)on(1
ls
---------- A
0
0 y ’ly.
0
0
6
3
6
6
6
“ B ” bonds ( % ) ---------- 0
0
o
0
0
1
1
2
4
3
Plans for new financing arc understood to bou n d er consideration. See
W abash-Pittsburgh Terminal R y . a b ov e.— V . 92, p. 324.

Western Maryland RR.— Iionds Due July
000
due
th e
N o.

1 .— T h e $ 3 ,2 5 0 ,­
l s t M . Gs o f t h e W e s t V i r g i n i a C e n t r a l & P i t t s b u r g h R y ,
J u l y 1 1 9 1 1 , w ill b e p a i d , p r i n . a n d i n t . , a t m a t u r i t y a t
o f f ic e o f B l a i r & C o . , t h e f in a n c ia l a g e n t s o f t h e c o m p a n y
2 4 B r o a d S t . , N . Y . C i t y .— C o m p a r e V . 9 2 , p . 1 5 6 7 ,1 7 0 2 '

INDUSTRIAL, GAS AND MISCELLANEOUS.

On N oy. 1 1909 the com pany had 664 consumers and was operating for
uic city o7 arc lights and 38 ornamental lamp posts. On A pril 30 1911 it
nau connected to Its lines 1,032 consumers. 81 arc lamps and 58 ornamental
posts, and also the Aberdeen St. R y . The contracts with the city for
lighting streets and public buildings and the pumping o f the sewerage al.u
rlf1B ln a revenue o f over $10,000 a year, and the sale of power to
the Aberdeen (St.) R y. Co. yields about $6,000 per annum. The Aberdeen
ity Co. s a local organization with paid-up capital of S100.000; it began
business ln 1910, with five miles of line, and is now adding two miles
ADcrdccn Is only surpassed In volum e of business in the Northwest by
1 au* aad Minneapolis. It Is served b y four trunk lines and has 19 ho^ed, at 5740,000, 14 churches and two hospitals; also six banks with
com bined deposits of $4,250,000.
The entire ownership of the ($600,000) stock is In the hands o f strong
financial interests, which have great faith in the future o f the city and
o f this p roperty.— V. 87, p. 286.

Alabama Consolidated Coal & Iron C o .— R e p o r t .—
X L ' e? , d u c t . 31

2 r? s s
S a tes.

N e t f r o m O t h .I n c .
M lsc .
S a tes.
(N e t). E x p ., A c .

B ond
In t.

1908_ na
2i 6 -967 130.984 123^341 110?3t0 37*977 sur. 106,322
19In~l°99b8 no Vh’or14 55’ 616 141.207 124,695 111,460 33,871 def. 73,203
m e n t ,9 m ^ ? A h „
appropriated $140,000 for depreciation and replacetot.al ,net loss for the year o f $213,203. N o deduction
was m ade for depreciation in 1909-10.— V . 92, p. 1702, 1638.

American Sales Book Co., Ltd., Toronto.—Merger. —

ls t M . 6 %

2 0 -v r

e o ld

b o n d s , d a t e d J u n e 1 1 9 1 1 a n d d u e J u n e 1 1 9 3 1 , b u t .s u b l e t
t o c a ll a t 1 0 3 a n d i n t . o n a n d a f t e r J u n e 1 1 9 1 3 .
D e n o m in q t i o n11s $ 1 0 0 , $ 5 0 0 a n d $ 1 , 0 0 0 (c*)
(c *).
C h ic a g o S a v . B k . & T r
a n d1 H
I I .. TT . S i b l e y , t r u s t e e s . ITnu t . .1
J . & D . i n N . Y . a n d C h ic a g o ’
T thp
I
„ ___ J.u n c ! 1913, Of 5 % of the gross earnings.

plus interest on all bonds retired and k<qn allve“ln the sinkingft ^ d “ wffi’
it Is expected, letire over $175,000 bonds prior to maturity.
’
Digest of Letter from Pres. W m . C. Ross Aberdeen lone 1 1911
The total noth, bond Issue Is $600.0007 T i e rem a in h ig$400 OOObonds
m ay be issued for not over 80%, o f the cost o f extensions TmoMVement*
and additions, but only when the net earnings for the preceding vear have
been at least twice the Int. charges, Incl. the bonds proi,oscd to b e ^ s i c d C
Earnings fo r Year end. A p r. 30 1911 and 4 Mas. end. A p r. 30 1911 and 1910
. J S ar
-------4 Months------,,
,
1910-11.
1911.
1910
Gross earnings------ ------------- ------------------------$76,263
$27 826
$20 440
Net (a fterta x ., <5co.) applicable to lntcrest_$29,145
$11’444
$5 201
The present management came Into the control in Oct l’oon and dnrlno1910 charged a large amount of betterments to “ operation ” For the 4
months ending A pr. 30 1911, the Increase ln gross earnings was about v w
and in net over 120% . promising for the cal. year 1011 net earnings o f at
least $34,000, or nearly three times the bond Intcrcst fS lT ooo)
Organized In O ct. 1907 to take over a liberal 25-year franchise
O ct. 23 1007: began service during 1909. W ith the3 fourth u n it In s t ile d
as it will be by A ug. 1 l o l l , the replacement value o f the property w thl
out allowing for franchise and good-will, should be well ln excess of x->50 non
The form er ovvners Issued $100,000 bonds, of which $6,000 have been nre:
yiously retired. The present Issue of $200,000 has retired the remaining
$94,000 bonds and furnishes necessary funds. Power house reinforced
concrote; present Installation 1,400 h. p., In 4 units; 34 miles of pole lines




'T h is

C? 1! l p a S,y w.a s in c o r p o r a t e d o n J u n e 1 1 9 1 1 u n d e r t h e la w s
o f th e P r o v in c e o f O n ta r io a s a n a m a lg a m a t io n o f th e C a r te r G r u m e C o ., L t d ., o f T o r o n t o a n d N ia g a r a F a lls , N . Y . ; th e
A m e r ic a n b a le s B o o k C o . o f E lm ir a , N . Y . , a n d th e E a s te r n
b a le s B o o k C o . o f G le n d a le , L . I . , N . Y .
T h e new com p an y
h a s $ 1 0 , 0 0 0 , 0 0 0 o f a u t h o r i z e d c a p i t a l s t o c k in $ 1 0 0 s h a r e s ,
c o n s is tin g o f $ 5 ,0 0 0 ,0 0 0 e a c h o f c o m m o n a n d 7 % c u m u la t iv e
p r e f . s t o c k , w i t h e q u a l v o t i n g p o w e r , o f w h ic h $ 3 , 0 7 3 , 0 0 0 o f
e a c ii c la s s h a s b e e n i s s u e d .
N o b on d s or m o rtg a g e .
P r e s .,
b . J . M o o r e ; S e c . , M . R . W a d d s ; T r e a s . , W. D . V a n h o r n .

3 k ° . ^ | rt*
n
C" ‘ ° tLJ„a a • 3 19 U. !;ad outstanding $927,700 7% pref.
at° ° k * nd 51.250,000 com m on, on which 2% per annum*was* being* paid.
earn,,J^s ,in 1910 were $111,614 and for 1909 $96,277. The pref
tfnnsf h
5 £ liaHt.<irly d lvldends, ,the com m on stock 22 distribu­
tions. The Toronto Globe” on Juno 2 said: “ There Is to be Issued for the
'im m ol3 56’ 146>690 stock and the Carter-Crume C o.’s share Is $3,395,000,
divided equally ln preferred and com m on shares. Each com pany must
nnrMnn (* fn
of, 1liabilities and the Carter-Crume C o.w IU sell a
portion ($195,000) o f the shares com ing to it to pay its debts. The balance
acquired in the new com pany will be held ln the treasury o f the
Carter-Crume Co. until I-eb. 1913, and will then be divided am ong the ex­
isting shareholders. In the meantime the Carter-Crume Co. occupies the
position o f a holding com pany, with $3,200,000 o f stock In the merger, half
being pref. and half com m on ."

American Telephone & Telegraph Co., Boston and New
Y o rk — Prepayment.—In a

s u p p le m e n t a r y c ir c u la r , P r e s id e n t
V a i l g i v e s n o t ic e t h a t in c a s e o f t h e p r e p a y m e n t in f u ll b v a n y
s u b s c r i b e r o f a ll t h e i n s t a l l m e n t s o f h i s s u b s c r i p t i o n , a s p r o ­
v i d e d in th e c ir c u l a r o f J u n e 2 0 1 9 1 1 ( V . 9 2 , p . 1 7 0 2 ) , th e r e
w ill b e is s u e d t o h i m , o n h i s r e q u e s t a n d in s e t t l e m e n t o f h is
s u b s c r i p t i o n , a c e r t if i c a t e o f s t o c k w h ic h “ s h a ll b e a r t h e d a t e
o f m a t u r i t y o f th e i n s t a l l m e n t d u e o n o r n e x t p r e v i o u s t o t h e
d a te o f su c h r e q u e s t ."

the subscriber must pay the difference between the amount
^iA l .n ds payable before A ug. 1 1912 on the stock represented by such
certificate, reckoning such dividends at the rate o f 8% per annum, and the
hijl? J >0f lntcrc.st the subscriber would have received If such settlement
had not been made
T h c s to c k so Issued will reoclve all dividends declared
payable to stockholders of record on or after the date o f the certificate
»
1SJ PCKf y 1 the amount o f stock (20% ) for which stockholders
are entitled to subscribe will be Issued to each stockholder o f record June 30
as soon after that date as practicable, and must be returned to the Treas
urer with the subscription duly signed on or before A ug. 31 1911. The
vvl} . n,elther buy nor sell rights. Subscriptions, assignments and
recelvcil eitlier at the office of the Treasurer in Boston.
A23
S t., or at his office in New Y ork. 15 Dey St. Subscriptions arc
/n ^Pir' 1. 1911’ 2 5 5° t c , ) - 1 1912' 25% May 1 1912 and 25% Aug. 1
Jrepaymems afabo°ve s u te d .

datCd Auff> 1 1912 UDleSS issucd agaInst

Conversion Privilege— New Basis. —

T h e c o m p a n y in fo r m s
h o ld e r s o f it s c o n v e r tib le 4 % g o ld b o n d s d a t e d M a r c h 1
1 9 0 6 t h a t a s s o o n a s p r a c tic a b le a f t e r J u n e 3 0 1 9 1 1 th e c o n ­
v e r s i o n p r i c e o f th e s e b o n d s w ill b e a s c e r t a i n e d a s i f a ll th e
n e w s t o c k o ffe r e d t o th e s t o c k h o l d e r s u n d e r t h e t e r m s o f th e
c ir c u l a r o f J u n e 2 0 1 9 1 1 h a d b e e n is s u e d f o r c a s h a t p a r o n
J u n e 3 0 1 9 1 1 , a n d a f t e r f o r m a l n o t ic e o f s u c h c o n v e r s i o n
p r i c e s u c h b o n d s m a y b e c o n v e r t e d in t o s t o c k a t th e p r ic e
f i x e d in s a id n o t i c e .
C om p are V .8 2 , p . 5 7 0 ; V . 9 2 , p . 1 7 0 3 .

Baldwin Locomotive Works.—

Allotment. — S u b s c r i b e r s t o
t h e $ 2 0 , 0 0 0 , 0 0 0 p r e fe r r e d s t o c k o ffe r e d l a s t w e e k h a v e r e ­
c e i v e d n o t ic e f r o m D r e x e l & C o . o f t h e i r a l l o t m e n t .
I t is
u n d e r s t o o d t h a t p a y m e n t w ill b e m a d e t o - d a y .
T h e a llo t­
m e n t a v e ra g e d fro m 1 0 % to 1 2 % , a c c o rd in g to th e a m o u n t
o f th e s u b s c r ip tio n .
C o m p a re V . 9 2 , p . 1 7 0 3 , 1 3 7 6 .

Brooklyn Union Gas Co.—Report.—'T h e
t i o n o f t h e p r e s e n t is s u e o f $ 2 0 0 , 0 0 0

E x h a u st. B a l., S u r .
o f M i n 'l.
or D e f.

P u b lic

S e r v ic e

Co
i s ss ilo
on
eP
po
or
r tt ss ::
j^
om
mm
A?ls
n r
re

Other
Int. A
Balance.
™7
f c g f ,
Income. Rentals.
Dividends.
Survlus.
A SA ?-5 9 . 052,704 $2,441.55.
554 5132,939 $826,172 ( 7 ^ ) $ 1 ,349,775 $428,546

eadJ1b^lm olng"July1 1o i o ’.— v

p °H°387 5

payments o f l ^ %

Calumet & Hecla Mining Co.—Injunction Vacated. —

Judge
S w a n in th e U . S . D i s t r i c t C o u r t a t D e t r o i t , M i c h . , o n J u n e
2 4 v a c a te d th e o rd e r g r a n te d o n F e b . 2 8 , o n th e a p p lic a tio n
o f G o d f r e y H . H y a m s , w h ic h t e m p o r a r i l y r e s t r a in e d th e
c o m p a n y f r o m p u t t i n g in t o e f fe c t t h e m e r g e r w i t h t h e O s c e o la
com pany.
C om pare V . 9 2 , p . 5 9 8 .

Suits to prevent the general consolidation are pending In other States.
In two of which decisions have been handed down. It Is thought likely
that an appeal will be taken from the present decision.— V . 92, p. 13127

Canadian Locomotive Co., Ltd., Kingston, Ont._P r e f
Stock Offered. —

A e m iliu s J a r v is & C o ., T o r o n t o , a r e p la c in g
o n b e h a l f o f t h e o w n e r s , t h e e n t i r e a u t h o r i z e d is s u e o f $ 1 5 0 0 ,0 0 0 7 % c u m u la t iv e p re fe re n c e s to c k a t $ 1 0 0 p e r s h a r e ,
w ith a b o n u s o f 2 5 % o f p a r v a lu e in c o m m o n s h a r e s .

Assets Purchased as at Dec. 31 1910, Aggregating $5,000,000
P1«?^ .?4 1o ,F 001d "wl11, (appraised reproductive value o f plant,
■
$2,027,228; depreciated value, $ 1 ,5 0 1 ,0 2 8 )..
$3 820 152
Inventories and accounts receivable, $364,889; cash In banks'and
° n ^2 a (L 51^1,012: municipal and other bonds, $755,025; total,
$1,270,926; less current liabilities, $91,078__________________ _ 1.179,848

THE CHRONICLE

48

Securities to B e Issued by New Company, Aggregating $5,000,000.
Stock 7 % pref., $1,500,000: com m on, $2,000,000______________ $3,500,000
1st m tge. 6% gold bonds, auth., $2,000,000; to be Issued_______ 1,500,000
T1’h
n “ ImI lU
iinlnlnn.1
a n ri W
o tUhUe/Ir U
ho
ow
d ,.** S7RS
0?f»
11U
I U t l lH U CUIU
Un
Hrls
U3 U
Wn
Ue
rU
I

Ifnelnrle*
IU /IU U L .

Un
H sb U1
nf
U
Un
I lU

the counties of Hastings and Pcterboro, $38,100; bonds of towns of Arnprlor, Brockville, Berlin, Barrie, Orillia, Bram pton, Oshawa, Penetangulshcnc and Sm ith’s Falls, $447,708; Kingston L t., Heat A Power 5s,
$12,189; Montreal St. R y . 4 ^ s , $103,408; Toronto R y . 4 Ms, $24,239;
W innipeg Electric R y . 5s, $129,375.
Chartered accountants report that during the 4 years ended Dec. 31 1910
the profits, incl. Interest on Investments (about $27,500 per annum ),
after providing for depreciation, were In no year less than $300,000, ex­
cepting In 1910, when the profits amounted to only $167,032. "T h e profits
for 1907, 1908 and 1909,” they say, “ averaged $333,282 per annum, and
the falling off In 1910 Is explained by the management as being largely due
to the curtailment of operations resulting from defective steel castings pur­
chased under con tract.”
It Is estimated that as a result of the contem ­
plated Increase to plant, the earnings within the next few years should be
at least $600,000 per annum, or In the neighborhood of 18% on the com m on
stock after providing for bond Int., sinking fund and preferred dividend.
Digest of Letter from President W m . Harty, K ingston. June 15 1911.
The works turned out their first engine about 1855. The premises oc­
cu py three city blocks, with a frontage on Lake Ontario of about 1,175 ft.;
to which m ay be added 300 x 600 ft ., reclalmable whenever desirable by
extending the present waterfront to harbor line, making the total enclosed
thereafter about 513,000 sq. ft. Buildings m ostly of stone, concrete
Iron and steel. E xem pt from all taxation except school taxes up to 1916.
Present yearly capacity of the plant is about 75 locom otives. It has been
decided to proceed immediately to at least double the present capacity.
The output has shown a steady yearly increase since 1901. Sufficient
orders are now booked ahead to keep the works fully em ployed for about a
year and negotiations for additional contracts are pending.
[Incorporated under Canadian Companies A ct June 9 1911 with $3,500,­
000 stock In $100 shares. The directors will Include H on. W m . Harty and
John L. W hiting, K . C ., Kingston; Aemlllus Jarvis, T oron to; R obert
H obson, H amilton; Frank G. W allace, Pittsburgh, Pa.: Warren Y . Soper,
Ottawa; Jas. R edm on d. Montreal.]— V 92, p. 1638.
C a r t e r - C r u m e C o . , L t d . , T o r o n t o . — Merger. — S e e
ic a n S a le s B o o k C o ., L t d ., a b o v e .— V . 7 1 , p . 1 1 1 7 .
C en tra l

&

A m er­

S o u t h A m e r i c a n T e l e g r a p h C o . — Partly
F o r 3 a n d 6 m o s . e n d in g J u n e 3 0 :

Esti­

mated Earnings. —

3 M o s.—
Tot. In c. Net Inc.
Dividends.
1911___________ $395,000 $233,750(1 H % )$ 1 4 3 ,565
1910
___ 435,000
275,250 (1 M % ) 143,565
6 months—
1911
$816,000
$489,500
(3)5287,130
1910__________ 875,500
551,250
(3)287,130

Bal.,Sur.
$90,185
131,685

Tot. S urp•
$2,437,442
2,017,830

$202,370
264,120

$2,437,442
2,017,836

C h ic a g o & D u lu t h T r a n s p o r t a t io n C o .—

Bonds.—

The Con­

tin e n ta l & C o m m e r c ia l T r u s t & S a v in g s B a n k o f C h ic a g o ,
t h e m o r t g a g e t r u s t e e , is p l a c i n g , a t p r i c e s t o y i e l d 5 * 4 % i n ­
c o m e , $ 2 7 5 , 0 0 0 1 s t M . 5 % g o ld b o n d s d a t e d A p r i l 1 1 9 1 1
a n d clue s e r i a lly o n O c t . 1 , $ 2 7 , 0 0 0 y e a r l y 1 9 1 2 t o 1 9 2 0 a n d
$ 3 2 , 0 0 0 in 1 9 2 1 .
I n t . A . & O . a t o ffic e o f t r u s t e e .
Par
$ 1 ,0 0 0 ( c * ) .
A c ir c u l a r r e p o r t s :

Bonds callable on any Interest day at par and Int., plus a bonus o f 1%
for each year the bonds have yet to run; provided, how ever, that the m ini­
mum callable price shall be 102 and Int.
Organized under Indiana laws and operates three freight and passenger
steel steamships, upon which these bonds arc first liens, viz.: Minnesota,
gross tonnage, 3,300, value, $325,000; W . II. Gratwlok, gross tonnage,
2,818, value, $130,000; A lva, gross tonnage, 2,419, value, $130,000. Be­
ginning June 24 1911 the Minnesota will ply between Chicago and Duluth
and Intermediate points. The W . H. Gratwlck and the A lva carry freight
and passengers between Lake M ichigan, Lake Erie and Lake Superior points.
The com pany operates join tly with all of the railroads centring In Chicago,
and beginning May 1 1911 has a special traffic agreement with the Illinois
Central R R . Co. covering both freight and passenger business.
The steamers will be kept Insured for the benellt of the bondholders
against fire and maritime casualties to an amount equal to the amount o f
bonds outstanding and Interest thereon. The steamers m ay be released
from the m ortgage upon paym ent to the trustee of Minnesota, $200,000;
W . H . Gratwlck, $75,000; A lva, $50,000.
C h i l d s R e a l E s t a t e C o . , N e w Y o r k . — Offering of Bonds by
T h is c o m p a n y , w h o se
e n t i r e c a p i t a l s t o c k is o w n e d b y t h e C h ild s C o m p a n y ( s e e
“ A n n u a l R e p o r t s ” a b o v e a n d V . 9 1 , p . 1 4 4 9 ) , r e c e n tly o ffe re d
a t p a r , a n d h a v e p r a c tic a lly so ld $ 2 0 0 ,0 0 0 6 % s e r ie s A g o ld
b o n d s , d u e S e p t . 1 1 9 2 9 , b e i n g t h e f ir s t is s u e u n d e r a m o r t ­
g a g e d a te d S e p t . 1 1 9 0 9 , to ta l a u th o rize d $ 2 0 ,0 0 0 ,0 0 0 , o f
w h ic h n o t m o r e t h a n $ 5 0 0 , 0 0 0 m a y b e is s u e d in a n y o n e y e a r .

Dependency of Childs (Restaurant) Co.—

A bstract of Official Circular.
The bonds offered com prise series A $200,000 6% bonds, denominations
$100, $500 and $1,000 each (c*); interest M. & S ., principal maturing
Sept. 1 1929; all redeemable at 110 and Int. on any Interest date. T he
com pany also agrees to redeem on Sept. 1 each year at 110 and Int., when
drawn by lot, such proportionate part of each series then outstanding as
will. If such redem ption be annually repeated, retire all of the bonds then
outstanding by m aturity. Trustee, Guardian Trust Co. of N. Y.
Under trust agreement of Sept. 1 1909 the com pany m ay Issue bonds
In one or m ore series bearing dilferent dates both as to the Issuance and
m aturity and different rates of interest. An amount not exceeding $500,­
000 m ay be Issued for general purposes. The remaining $19,500,000 arc to
be Issued only for (a) the purchase or acquisition of freehold or leasehold
interests In real estate; (b) the construction of buildings on or the making
of betterm ents, additions or Improvements to, the freehold or leasehold
property of the com pany. None of the aforesaid $19,500,000 of bonds can
be delivered by the trustee until either the com pany has acquired the prop­
erty or com pleted the Improvements, or else has deposited with the trustee
the proceeds of the sale of the bonds, such proceeds being released only as
the construction work progresses.
The com pany has been recently organized as a part of the Childs system ,
all Its outstanding capital stock being h c ld b y Childs Company, to co-operate
with Childs Company in acquiring desirable restaurant sites. The real,
estate com pany will undertake negotiations In regard to the purchase of
sites for new branches. Including the making of such alterations and Im­
provem ents as m ay be found necessary to equip the premises for the restau­
rant business. W hen com pleted the property will be leased to Childs Com­
pany. These bonds, although not a direct obligation of Childs Company,
are for all practical purposes virtually guaranteed by that com pany, as
that com pany Is the lessee, and rent is necessarily one of the llrst charges
against Its earnings. Office, 42 East 14th S t., N. Y . City.

Called Bonds.— T h i r t e e n b o n d s o f 1 9 0 9 h a v e b e e n d r a w n
f o r r e d e m p t i o n a n d w ill b e r e d e e m e d a t 1 1 0 % a n d i n t . o n
S e p t . 1 1 9 1 1 a t t h e G u a r d ia n T r u s t C o . , 1 7 0 B r o a d w a y , N . Y .
C h in o

Copper

on June 30
1st M .
6%

C o .—

Bonds Authorized.—

The

s to c k h o ld e r s

a u t h o r i z e d t h e p r o p o s e d is s u e o f $ 2 , 5 0 0 , 0 0 0
1 0 -y e a r
c o n v e r tib le
g o ld
bon d s.
C om p are

Y . 9 2 , p. 1 7 0 4 , 7 9 7 .
C l e a r f ie ld B i t u m i n o u s C o a l C o r p .— Bonds to Be Guaran­
< £ c.— S e e N e w Y o r k C e n t r a l & H u d s o n R i v e r R R . u n d e r
“ R a ilr o a d s ” a b o v e ; a lso P e n n . C o a l & C o k e C o . b e lo w .—
Y . 92, p. 1438.

teed,

C o l u m b u s ( O .) G a s a n d F u e l C o . — Thirty-Cent Gas Ordi­
T h e g a s o r d i n a n c e p a s s e d b y t h e C o u n c il o n J u n e 1 2
p r o v i d i n g f o r 3 5 - c e n t g a s , w it h a r e b a t e o f
5 c e n ts fo r

nance.—




[V O L . L X X X X I jI

p rom p t p a y m e n t,
b e c a m e a la w a t m i d n i g h t o n J u n e 2 2 ,
M a y o r M a r s h a ll h a v i n g a l l o w e d t h e s a m e
to g o in t o e ffe c t
w it h o u t h is s ig n a tu r e .

It was expected that the com pany would accept the ordinance, which
fixes the rate for 5 years, although it desired a 40-cent rate with 5 cents
rebate and an additional 5-year period.— V. 92, p. 1313.
C o m p u t i n g S c a le C o . o f A m e r i c a . — Merger.— S e e C o m p u t i n g - T a b u l a t i n g - R e c o r d i n g C o . b e l o w .— V . 9 2 , p . 2 0 4 .
C o m p u t i n g - T a b u l a t i n g - R e c o r d i n g C o . , N e w Y o r k . — Merger
T h i s is t h e n a m e o f t h e c o m p a n y
w h ic h , u n d e r th e te r m s o f th e m e r g e r a g r e e m e n t p re p a re d
b y F l i n t & C o . , 2 5 B r o a d S t . , N . Y . C i t y , i t is p r o p o s e d t o i n ­
c o r p o r a te u n d e r th e la w s o f N . Y . S t a t e w ith a n a u th o r iz e d
c a p it a liz a tio n c o n s is tin g o f $ 7 ,0 0 0 ,0 0 0 0 %
3 0 - y r . s in k in g
f u n d g o ld b o n d s a n d $ 1 0 , 5 0 0 , 0 0 0 c a p it a l s t o c k , a ll o f o n e
c la s s .
T h e s e s e c u r i t ie s a r e t o b e is s u e d in c o n n e c t i o n w i t h
t h e p u r c h a s e o f t h e f o l l o w i n g p r o p e r t i e s , o r a t le a s t a m a ­
jo r it y o f th e c a p ita l s to c k s o f e a c h : I n t e r n a t io n a l T im e R e ­
c o r d in g C o . o f E n d i c o t t , N . Y . ; T a b u la t in g M a c h in e C o . o f
W a s h i n g t o n , D . C . ; C o m p u t i n g S c a le C o . o f A m e r i c a o f D a y ­
to n , O h io ; B u n d y M fg . C o . o f E n d ic o tt, N . Y .

Plan— Further Data.—

D e s c r i p t io n o f C o n s t i t u e n t P r o p e r t i e s .

(1) International Time Recording Co.— Incorp. In 1901 and acquired the
time-recording business of the Bundy Mfg. Co. of Binghamton (the pioneer
manufacturers of time recorders), W illard A Frick Mfg. Co. of Rochester,
Chicago Time Register C o., and later the Dey Tim e Register Co. of Syra­
cuse and Syracuse Time Recording Co. Manufactures time recorders,
time stamps, elapsed time machines, Dey dial recorders, Syracuse dial re­
corders, Bundy key recorders and machines for autom atically recording
the duration of long-distance telephone connections; also a “ coasting ma­
chine” for ellectlng a large saving In the use of electric power, adopted by
the Interborough Rapid Transit C o., Hudson A Manhattan system , London
Underground system anti other important electric railways. Has offices
in New York, Chicago, Phlla., San Fran., Pittsburgh,and other large cities
of the U. S. and Canada; also distributing depots for Its large foreign busi­
ness In London and Berlin and offices In nearly all of the principal cities of
Europe. The com pany’s buildings are of reinforced concrete, modern and
llreproof. (V. 92, p. 879; V. 91, p. 1388, 1632; V. 83, p. 439.)
(2) Tabulating Machine Co.— Owns and controls the Hollerith tabulating
system of electrical machinery, by which statistics and data of all kinds
are classified and tabulated rapidly and at moderate expense. In manu­
facturing, the machines are used for recording dally production, both as to
volum e and cost; In railroad work, for compiling com plicated statistics, such
as arc required by the Inter-State Commerce Commission, for the auditing
of freight agents’ accounts, classifying disbursements, A c.; In Insurance,
for detailed records of business or policies, being so used by the Equitable,
Mutual, N. Y . Life, Penn Mutual and Hom e Life Insurance companies, the
H artford, Royal and Queen lire insurance companies.
The systems of one or both of the foregoing companies (1 and 2) are used
b y the Pcnna. R R ., N. Y . Central, Southern R y ., Union Pacific, Atchison,
Chic. A R ock Island, Chic. Milw. & St. Paul, Cldc. A N. W. railroads,
Carnegie and Pennsylvania steel companies, N. Y . Edison C o., Consoli­
dated Gas of Baltimore, General Electric, W cstlnghousc and National Tubo
com panies, Marshall Field A C o., Studebaker and Swift A C o., A c. Al­
though the Tabulating Machine Co. has greatly Increased Its manufacturing
capacity and has made no effort to solicit business, It Is largely behind
with Its orders. The manufacture and sale of cards for users of machines
Is an Important part of the business, amounting to approxim ately 1,000,000.
cards per day, and should bring permanently Increasing revenue.
(3) Computing Scale Co. o f Am erica.— Incorp. In 1901, taking over as
subsidiaries the Computing Scale C o., Dayton, Ohio; the Moneyweight Scale
C o., Chicago; W . F. Stimpson C o., Detroit; Stlmpson Computing Scale C o.,
Elkhart, Ind.; In 1902 helped to organize the Computing Scale Co. of Can­
ada, L td ., In which lt owns 80% of the stock. The com puting scale Is.
automatic In Its com putation of the value of articles purchased or sold and
Is In use practically throughout the world. The com pany reports over
275,000 scales out. Its organization covers North and South Am erica,
Great Britain, most of Continental Europe, South Africa and Australia,.
During 1910 com pleted a model factory at Dayton, Ohio, with nearly
3 J-2 acres of floor space, and operates factories at Detroit and T oron to.
Has 1,100 employees. (V. 92, p. 264: V. 84, p. 105; V . 77, p. 453.)
(4) Bundy M fg. Co.— Has developed and owns the Bundy Adding ma­
chine and has com pleted a plant ready for active operations.
.......................................
Partial List o f Directors.
• Hon. George W . Fairchild, Pres. Intcrn atlonal/rim c Recording Co.
• Edward Canby, Pres. Computing Scale Co. of'A m erica .
•Albert L. Salt, Vice-Pres. Tabulating Machine Co.
•S. M. Hastings, Treas. Computing Scale Co.
•
• Harlow E. Bundy, Treas. and Gen. Man. Int. Tim e R ecording Co.
•Samuel G. Metcalf, Sec. Tabulating Machine Co.
• •
• Rollin S. WoodruU, ex-G overnor of Connecticut.
• •
•The several companies own some 210 United States patents, 41 applica­
tions and numerous foreign patents. The devices m anufactured do not
duplicate or com pete with but largely supplement one another, and tho
managers anticipate Important economies through a consolidation o f thofacilities for manufacture, distribution. Ac.
• ■ ■
Earnings— Actual and Estimated.
•The net earnings of the different companies for the year from May 1 1910
to April 30 1911, as reported by them, aggregate in excess of $950,000,
Including interest paid; the Indebtedness against which this Interest was
paid will be covered by new cash or bonds of the new com pany set aside
for such purposes. The Audit Co. of N. Y . Is now engaged In auditing tho
above statements of earnings, and Its certificate as to the earnings will bo
filed with the Guaranty Trust Co. of N. Y . The aforesaid net earnings aro
more than equal to 5% on the stock of the new com pany and In excess of
twice its Interest charge.
,
,
Certain of the manufacturers who are interested In the merger and will
take part In the management state that In their opinion the net earnings
after the llrst full year of the consolidation will be not less than $1,900,000
per annum, an amount which would show net earnings on the stock Issued
In excess of 14% per annum.
The Indenture securing the new bonds will provide for a sinking fund of
not less than $100,000 a year, beginning with 1913, to be used In the re­
demption of the bonds, which will be drawn by lot at 105, If not purchasable
for less.— V . 92, p. 1568.
C o n r a d L a n d & W a t e r C o . , M o n t a n a . — Plan.— T h e b o n d ­
h o ld e r s ' c o m m i t t e e , u n d e r a g r e e m e n t o f J a n . 7 1 9 1 1 , h a s
a d o p t e d a p la n o f r e o r g a n i z a t i o n u n d e r w h ic h d e p o s i t s o f
1st M . 6 s m a y b e m a d e w it h t h e G u a r a n t y T r u s t C o . o f N . Y . ,
d e p o s it a r y , o n o r b e fo r e J u ly 2 0 .
A s y n d ic a te h a s b e e n
fo r m e d to p r o v id e th e n e c e s a r y m o u e y a n d s te p s a r e n o w
b e in g t a k e n t o f o r e c lo s e t h e m o r t g a g e .
O u t lin e o f P la n D a t e d J u n e 1 9 1 9 1 1 — N e w S e c u r i t ie s .

A new com pany will be formed In Montana or some other State, to be
called Valler-Montana Land A Water C o., or by some other name, with
capitalization as follows:
1. 1st M. Scr. A . (prior lien) 6% 10-year gold bonds, bearing Int.
(J. A J.) from Jan. 1 1911, redeemable all or part, at 105 and
Int. on any Int. date after Jan. 1 1914 . ------- -------- - --------- -$1*500,000
Of which there shall be delivered to the syndicate that will
provide the $900,000 cash (and if necessary an additional
$225,000) not less than $1,000,000 of said bonds (and not
exceeding $1,250,000, being such bonds at 90 and Int. for
the amount paid in), together with $500,000 pref. stock and
$1,500,000 com m on stock.
2. 1st M. Ser. B. (second lien) 6% 15-year gold bonds, bearing
Int. (J. A J.) from July 1 1912, redeemable all of part on any
Int. date at par and Int________ _________________ ___________ 1,000,000*
T o be exchanged, $ for S, for principal of deposited 1st M. 6s of
the Conrad C o., any balance to acquire other debts or to be ■ . ■ ■
c a n c e l e d ...............................................................................................................

July 1 1911. j

THE CHRONICLE

•3. 6% gold scrip, dated Jan. 1 1911, bearing lnt. from due date
o f respective coupons for which It Is given, payable Jan. 1
191(5, redeemable on any lnt. date at par and ln t----------------120,000
T o be exchanged, § for $, for deposited Conrad coupons matur­
ing Jan. 1 1911 to July 1 1912, Incl., any balance to acquire
other debts or to be canceled.
4. Pref. stock 0% non-cum ., redeemable at any time at par;
pref. as to principal over com . stock In case of liquidation __ 1,000,000
Of which ( u ) to go to syndicate, $500,000— see Ser. A . bonds
above; (b) to acquire claims against the Conrad Co. or Its
subsidiaries, or Interest In Its stock or In the stock o f Its sub­
sidiaries, as may be determined by the com m ittee, $500,000.
5. Common stock, not less than $1,500,000 and not exceeding
(see Scries A bonds a b o v e )------------------------------------------------------ 2,000,000
The cash proceeds from the sale of lands and water rights up to Jan. 1
1914, and Interest and partial payments up to said date on deferred pay­
ments under contracts of sale of lands, shall be retained by the new com ­
pany for construction and other corporate purposes; and all net cash pro­
ceeds of sales after Jan. 1 1914 and deferred payments thereafter made upon
contracts theretofore made (In excess of $25,000 per annum, to cover
expenses of management and taxes, shall be applicable In the order named:
(1) to paym ent of lnt. on 1st M. bonds; (2) toredem ptlon of scrip, and,
after all scrip has been retired; (3) to redem ption of all the Series A bonds;
(4) then to redemption of all the Series 15 bonds; (5) then to redeem pref.
stock; and If diverted to any other purpose than this, the pref. dlvs. shall
becom e cum ulative. No div. shall be paid upon either stock until all the
new bonds and scrip have been retired.
The com m on stock m ay, If the com m ittee so decide, be represented by
voting trust certificates Issued under such terms and with such trustees as it
shall determine. Such voting trust m ay continue until 5% in dlvs. has
been paid on the com m on stock.
The moneys provided by the syndicate, together with receipts from land
sales up to Jan. 1 1914, and from deferred contracts, shall be used for
reorganization purposes, com pleting the irrigation system , the com pensa­
tion of the com m ittee, the payment of Conrad Co. debts, expenses of ad­
ministration, taxes. Interest on 1st M. bonds and scrip during construction,
retirement of scrip and other general purposes.
,
W henever, In the opinion of the com m ittee, sufficient depositors have
assented, the com m ittee may declare the plan operative.
The com m ittee consists of Alexander J. Hemphill, Chairman (Pres.
Guaranty Trust Co. of N. Y .), Frank K. Ford (Ford, liacon & Davis),
Oscar L. Gubelman (Knauth, Nachod & K uhne), J. Horace Harding
(Chas. 1). Barney & C o.), and Austin McLanahan (Alex. Brown & S ons.),
with ltobert W . Speir as Secretary, 15 William S t., N. Y.
S u m m a r y o f R e p o r t b y F o r d , B a c o n & D a v is . N . Y . , J u n e 1 9 1 9 1 1 .

(1) The natural conditions are favorable both to the profitable cultiva­
tion of crops under irrigation and the economical distribution of water.
(2) There Is, we believe, sufficient water, and with the recomm ended new
construction there will be sufficient storage capacity to Irrigate the 100,100
acres. (3) The capital to be provided by the syndicate will pay the existing
liabilities (other than those to be exchanged for securities by the p la n ), and
with the receipts until Jan. 1 1914 from sale of land and water rights
should provide for repairs and the additional works. (4) We estimate that
the receipts from the sale of land and water rights will be more than sufficient
to retire all the bonds proposed to be Issued under the plan (com pare V. 90,
p. 170; V . 91, p. 278; V. 92, p. 00.
.............................................................
C ram p

Report.—

( W m .)
F or

&

years

Fiscal
Net
Year—
Earnings.
1010-11 . _____ $283,507
1909-10 ____. . . 710,142
— V . 91, p. 1250.

Sons
e n d in g

S h ip
A p ril

&

E n g in e

B u ild in g

C o .—

.30:

lnt. on
ln t. on
Ground
Serial Notes. 1st M . Bds. Rents, &c.
$187,083
$00,417
$29,839
198,083
01,007
29,904

Balance,
Surplus.
$0,108
420,428

( E . I . ) d u P o n t d e N e m o u r s P o w d e r C o ., W ilm in g t o n ,
D e l . — Meeting Adjourned. — T h e m e e t i n g c a ll e d f o r J u n e 2 6
to a u th o riz e $ 2 5 ,0 0 0 ,0 0 0 6 % p r e f. sto c k ( V . 9 2 , p . 1 5 0 2 ,
1314)
w a s a d jo u r n e d o n a d v ic e o f th e d ir e c to r s w ith o u t
a c tio n .
O f f i c ia l s t a t e m e n t :

In view of the interlocutory decree of U. S. Circuit Court, prior to which
notice for this meeting was received and by which decrco it was provided
that further testimony might be taken for the use of the Court In framing
ttnal decree in the powder suit, after a hearing to be held on O ct. 16 1911,
It was deemed by stockholders inadvisable to take any action which might
In any way change, or even authorize a change, In the existing condition
o f affairs while the Court had the question under advisement. The board
of directors, therefore, passed a resolution advising that under the circum ­
stances stockholders should adjourn the meeting without taking action on
the Increase. Compare V . 92, p. 1704, 1502.
D u q u e s n e L i g h t C o . o f P i t t s b u r g h . — New Stock. — T h i s
c o m p a n y r e c e n t l y in c r e a s e d i t s a u t l i . c a p it a l s t o c k f r o m
$ 5 0 0 , ()0() t o $ 3 , 0 0 0 , 0 0 0 .
B o n d s o u ts ta n d in g a t la s t a c ­
c o u n t s , $ 1 ,0 0 0 ,0 0 0 1st M . 5 s d a te d 1 9 0 7 , to ta l a u tli. $ 1 0 ,0 0 0 ,0 0 0 .— V . 8 5 , p . 5 3 3 , 1 2 1 1 ; V . 8 6 , p . 0 7 1 .
G a r f o r d C o m p a n y ( A u t o m o b i l e s ) , E l y r i a , O h i o .— B o r t o n
& B o r t o n , C le v e la n d , o n J u n e 1 0 o ffe re d a t p a r ( $ 1 0 0 a sh a re )
t h e u n s o ld p o r t i o n o f t h e ( n e w ) is s u e o f $ 5 0 0 , 0 0 0 7 % c u m u l a ­
t iv e p re fe r r e d s t o c k .
A n a d v e r tis e m e n t sa y s :

Dlvs. Q.-.T., beginning July 1 1911. 1’ref. as to assets and dlvs. No
m tge. or deed of trust nor pref. stock Increase without consent of 75% of
outstanding pref. stock. In case or failure to pay four consecutive quarterly
dlvs., the pref. stock shall have full and exclusive voting opwer until all
accumulated dlvs. have been paid. All or any part of the issue m ay be re­
deemed pro rata at 110 and accumulated dlvs., at any date after April 1
1913, upon 3 m os.' notice. Transfer agents. Citizens. Sav. <5c T r.C o.,C levc.
Balance Sheet Sept. 30 1010 (Certified).
A ssets— ($1,920,558)—
| Liabilities ($1,920,558)
$050,000
Plant and equipment
$942,934 Capital s tock . ..........
Prepaid operating charges
6,432 A ccts. <&notes payable, <tc. 160,516
4,791
Materials and supplies
805,310 Accrued taxes, & c._
Notes it accounts receivable 160,703 Reserve for renewals, & c— 140,251
950,000
Cash ________________ ______
5,17 1 Surplus ......
Net Earnings for Years Ending Sept. 30. (P ref. Div. Requirements, $35,000)
1906-07.
1907-08.
1908-09.
1909-10.
Average.
$226,095
$100,891
$241,713
$483,292
$262,098
On April 15 1911 the autli. capital stock was increased, from $050,000
to $2 000,000, of which $500,000 is the pref. stock described in this offering
Proceeds of this pref. stock will add $500,000 to the net assets, to construct
new b od y plant and furnish working capital.
G e n e r a l M o t o r s C o . — Official Statement to Stock Exchange.
— The 6 %
“ f ir s t lie n 5 - y e a r s in k in g f u n d c o u p o n n o t e s , ”
$ 1 5 , 0 0 0 , 0 0 0 , w e r e li s t e d t h i s w e e k o n t h e N e w Y o r k S t o c k
E xchange.
In c o n n e c tio n w ith th e a p p lic a tio n fo r lis tin g ,
t h e c o m p a n y s u b m i t t e d a n e la b o r a t e s t a t e m e n t , w h ic h w e
p r in t a t le n g th o n s u b s e q u e n t p a g e s .
T h is s ta te m e n t g iv e s
v e r y f u l l y t h e f a c t s r e g a r d i n g t h i s n o t e is s u e , t h e c o ll a t e r a l
b y w h ic h t h e n o t e s a r e s e c u r e d a n d t h e s i n k i n g f u n d a n d o t h e r
p r o v is io n s m a d e fo r th e ir p r o t e c t io n ; a ls o th e b a la n c e s h e e t
a t M a r c h 3 1 1 9 1 1 a n d a p r o f i t a n d lo s s a c c o u n t f o r t h e s i x
m o n th s en d ed M arch 3 1 .
T h e l a t t e r s h o w s a s u r p lu s o n
th e s ix m o n t h s ’ b u s in e s s o f $ 2 ,9 3 2 ,0 3 8 .
L e e , I l i g g i n s o n & C o . in a c ir c u l a r e s t i m a t e t h a t t h e n e t
e a r n i n g s f o r t h e c u r r e n t y e a r w ill p r o v i d e f o r t h e s i n k i n g
fu n d r e q u ir e m e n t o f $ 1 ,5 0 0 ,0 0 0 a n d a ls o s h o w th e in te r e s t
e a r n e d o n th e o u ts ta n d in g n o te s a t le a s t th r e e tim e s o v e r .
T h e c ir c u l a r f u r t h e r s t a t e s :




49

(1) The $15,000,000 notes were Issued O ct. 1 1910. They .arc backed|by
assets valued by well-known chartered accountants In excess of $35,000,000*
(2) The equity In the property above the notes as represented by the
stock Is selling at over $19,000,000.
(3) The com pany has already paid to the trustee $1,000,000 several
months in advance of the actual sinking fund requirement o f $1,500,000
due next O ctober.
(4) The com pany has $5,000,000 cash In bank, and Is making advance
payments on all merchandise bought.
(5) Cash receipts from the sale of cars have averaged well over $1,000,000
for every week from Jan. 1 to June 16, and the com pany at the latter date
had on hand orders for more than $4,000,000 o f m otor cars for Immediate
cash delivery. Sec also V . 91, p. 947, 1576.— V . 92, p. 1438.

Harper

Bros., New York.

&
— Government Suit.— U n i t e d
S t a t e s D i s t r i c t A t t o r n e y W i s e o n J u n e 2 7 file d a s u i t a g a i n s t
t h e P e r i o d ic a l C l e a r in g H o u s e , t h e s o - c a l l e d
“ m a g a z in e
t r u s t ” ( w h ic h w a s i n c o r p o r a t e d in J u l y 1 9 0 9 ) , a n d o t h e r s , in
t h e U . S . C i r c u it C o u r t in t h i s c i t y , t o e n j o i n t h e a l le g e d
v io la tio n o f th e S h e r m a n A n t i -T r u s t L a w .

The defendants named arc the Periodical Clearing House, D oubleday,
Page & C o., Crowell Publishing C o., S. S. McClure C o., Current Literature
Pub. C o., Phillips P ub.C o., Harper & B ro., Leslie-Judge C o.. Iteview of
Reviews C o., International Magazine C o., New Publication C o., Buttcrick
Pub. C o., Standard Fashion C o., New Idea Pub. C o., R idgcw av C o.,
American Hom e Magazine Co., Short Stories C o., L td ., Frank H. Double­
day, Herbert S. Houston, Frederick L . Collins, Charles D. Lanier and
George von Utassy.
The petition states that ‘ ‘the defendants for some time have been and
now arc engaged in an unlawful com bination and conspiracy to restrain
the trade and com m erce among and between the several States and Terri­
tories of the United States and with foreign nations in magazines and other
periodical publications; that the agencies were “ wrongfully coerced” Into
making contracts with the Clearing House, which later arranged an “ of­
ficial price list” of magazines, with rules governing the agents as to sales;
that an “ elaborate scheme of fines,” varying from $5 to $25, was also in­
stituted, to be imposed upon all who did not adhere to the various agree­
ments drawn up by the Clearing House, and lines from $25 to $500 were
imposed upon any agency which refused to give to the Periodical Clearing
House full inform ation as to prices It m ay have quoted for a periodical,
whether published by the defendants or not.
Herbert F . H ouston, President of the Clearing House, In a statement
Issued says: “ The Publishers’ Clearing House Is merely an association of peri­
odical publishers form ed to maintain fair and equitable conditions among
the subscription agencies. E very publisher
fixed the price on his own
publications, and the Clearing House does not fix the prices on any publica­
tions, even though In Its own m em bership."— V . 82, p. 695.

Helena (Mont.) Water Works Co.—Sale to City Ratified by
Voters.— S e e “ H e l e n a ”
p. 1246, 1181.

in

“ S ta te

and

C ity ”

D e p t .— V .

92,

Illinois Brick Co., Chicago.—

Dividend Omitted.— T h e d i ­
r e c t o r s o n J u n e 2 7 d e c i d e d t o o m i t t h e r e g u la r q u a r t e r l y
d iv id e n d o f 2 % d u e J u ly 1 6 o n th e $ 5 ,0 0 0 ,0 0 0 s t o c k .
Tills decision Is due to the six weeks’ shut-down during the recent brickmakers’ strike and to the general disturbance in the building trades caused
b y the plumbers’ war upon the steam fitters. The brickm akers’ strike is
settled and the com pany has resumed operations, but the local labor situa­
tion Is described as otherwise unsatisfactory. Compare V . 92, p. 459.

International Time Recording Co.—

Merger.— S e e C o m p u t in g -T a b u la t in g -R e c o r d in g C o . a b o v e .— V . 9 2 , p . 8 7 9 .

Ithaca-Auburn (N. Y.) Power Co.

— Merger.— T h i s c o m ­
p a n y , m e n tio n e d u n d e r N . Y . A u b u r n & L a n s in g R . R . u n ­
d e r “ R a ilr o a d s ” a b o v e , w a s in c o rp o r a te d i n N .
Y . A p ril 8
1 9 1 0 , i t s a u t h . s t o c k b e i n g $ 5 0 0 , 0 0 0 in $ 1 0 0 s h . ( c o m m o n ) ,
a n d m a d e a fir s t m t g e . t o t h e E q u i t a b l e T r u s t C o . o f N . Y . , a s
t r u s t e e , t o s e c u r e a n is s u e o f $ 7 5 0 , 0 0 0 5 % s i n k i n g f u n d g o ld
b o n d s d a t e d F e b . 1 1 9 1 1 a n d d u e F e b . 1 1 9 4 1 , b u t c a l l a b l e in
a n y a m o u n ts on a n d a fte r F e b . 1 1 9 1 2 a t 1 0 8 .
P a r $ 1 ,0 0 0
and $ 1 0 0 .
In t e r e s t F . & A . a t o ffic e o f tr u s te e .
P resen t
is s u e s , a u t h o r i z e d b y P u b l i c S e r v i c e C o m m i s s i o n J a n . 2 0 ,
$ 4 3 3 ,0 0 0 b o n d s a n d $ 5 0 ,0 0 0 s t o c k .
N o p rio r lie n s .
S e c .T r e a s ., I I . A . C la r k e , I t h a c a , N . Y .
P r e s ., A . H . F lin t ,
1 5 B r o a d S t . , N . Y \ , w h o is a l s o t h e P r e s i d e n t o f t h e N . Y .
A u b u r n & L a n s in g R R ., a 3 6 -m ile ro a d o p e r a te d b y s t e a m ,
A u b u r n to S o u th L a n s in g , a n d b y e le c tr ic ity , S o u th L a n s ­
in g t o I t h a c a .
( V . 8 4 , p . 1 3 0 8 ; V . 8 5 , p . 1 6 0 .)

The output capacity of the com pany’s present power plant Is 1,200 k. w.
that of the proposed plants, 4,000 to 6,000 k. w. The com pany Is not con­
trolled b y the N. Y .A u b u rn & Lansing R R . The proceeds of the $433,000
bonds will be used to purchase certain property from H. C. Mcndevllle of
Ithaca for $100,000, the acquisition of material for the construction and
Installment of an additional steam plant, $95,000 for the construction of Its
distribution line and third-rail system for the N . V . Auburn & Lansing
R R ., $201,000.— V . 84, p. 1308.

Johnstown (Pa.) Telephone Co.

— Stock.— A c e r t i f i c a t e h a s
b e e n f i le d , i n c r e a s in g t h e c a p i t a l s t o c k f r o m $ 6 0 0 , 0 0 0 t o
$ 2 ,0 0 0 ,0 0 0 .— V . 9 2 , p . 1 9 2 .

Jones & Laughlin Steel Co.—Bonds Sold.—

T h e F ir s t T r u s t
S a v in g s B a n k , C h ic a g o , a n d B la ir & C o ., N e w Y o r k ,
h a v e p la c e d a t
102^
a n d in te r e s t $ 1 0 ,0 0 0 ,0 0 0
1st M .
3 0 - y e a r s i n k i n g f u n d 5 % g o ld b o n d s , d a t e d M a y 1 1 9 0 9 a n d
d u e M a y 1 1 9 3 9 , b u t r e d e e m a b le a ft e r M i y
1 1914 at
105
a n d in t.
In t. M . & N .
C h ic a g o ( a t F ir s t T r u s t & S a v in g s
B a n k , C h i c a g o , t r u s t e e ) , o r in N . Y . C i t y .
F o r r e c o r d , th e
a d v e r t i s e m e n t is g i v e n o n a n o t h e r p a g e .

&

in

D ig e s t o f L e t t e r f r o m P r e s i d e n t B. F. J o n e s , P i t t s b u r g h . J u n e 16 1911.
Referring to the $10,000,000 5% 1st M. bonds of this com pany recently
purchased by you , these bonds are part of an authorized Issue of $30,000,000
dated May 1 1909, of which $25,000,000 has been Issued and $24,487,000 are
outstanding, the balance having been retired by the sinking fund. The
bonds of this Issue are an absolute first m tge. on all the property now owned
and on any additional property hereafter acquired with the proceeds of
these bonds. They are further secured b y the pledge of bonds and stocks
of subsidiary com panies, whose property consists of coal mines, ore lands
and railways, all used in connection with this business.
The security Is: (1) The real estate, furnaces, steel mills, finishing mills,
plants of various kinds, located largely In the city o f Pittsburgh, and the
new and modern plant o f the com pany at A liqulppa, 20 miles from Pitts­
burgh. The last-named plant has been constructed during the last three
years, and Is recognized as one of the most com plete, m odern, convenient
and econom ical plants to be found In this country. (2) The control through
subsidiary com panies of ore lands, coal lands and limestone properties
In fee or under lease, containing sufficient ore, coal and limestone to supply
the com p any's furnaces at their present capacity for m any years beyond
the term o f these bonds.
During the last two years the com pany has Invested approxim ately $20,­
000,000 In new plants or additions or betterm ents to Its form er property,
and the proceeds of the $10,000,000 of bonds sold you will be largely used
to reimburse the com pany for such expenditures and when their proceeds
are absorbed will leave the com pany practically free o f debt other than
these First m ortgage bonds.
By this trust deed the com pany Is required at all times while an equal
amount of the bonds Is outstanding to have net quick assets to the amount

THE CHRONICLE

o l $8,000,000; a sinking fund is also provided, equal yearly to l-15 th of
the amount o f bonds outstanding, which sinking fund Is applied to the pay­
ment of Interest on the outstanding bonds and to the retirement of prin­
cipal. The sinking fund, it Is figured, will approxim ately retire the bonds
at their m aturity.
. The A udit Co. of New Y ork, before the Investment of the $20,000,000
above referred to, made a careful exam ination of the property, from which
It Is safe to say that the net value of our property is over 3 times the bonded
debt. It has been the policy of the com pany for m any years to return to
the property large sums for additions and Improvements, besides m aking a
liberal allowance for depreciation. The average yearly earnings for the
last ten years have been m ore than sufficient to pay 4 times the Interest
on the present outstanding bonds. Compare V. 92, p. 1503.

Knickerbocker Ice Co., Chicago.— N ew

1st M . 5s O ffe r e d .—

L e h m a n B r o s . , N . Y . ; G o l d m a n , S a c h s & C o . , N . Y . , C h ic a g o
a n d B o s t o n , a n d C h a s . D . B a r n e y & C o ., N . Y . a n d P h i la .,
a r e p l a c i n g ,a t 9 3 ^ a n d i n t ., y ie ld in g a b o u t 5 . 4 5 % in c o m e ,
t h e p r e s e n t is s u e o f $ 4 , 3 0 0 , 0 0 0 1 s t M . 3 0 - y r . 5 % g o l d b o n d s ,
d a t e d J u l y 1 1 9 1 1 a n d d u e J u l y 1 1 9 4 1 , b u t s u b j e c t t o c a ll
i n p a r t o r a s a w h o le a t 1 0 5 a n d i n t . o n a n y i n t . d a t e o n GO
d a y s ’ n o tic e .
T r u s te e s , C en tral T r u s t C o . o f N e w Y o r k a n d
C h a r le s G . D a w e s , C h i c a g o .
P a r $ 1 ,0 0 0 ( c * ) .
In t. J. & J.
A u t h . i s s u e , $ 6 , 0 0 0 , 0 0 0 , v i z . , b o n d s n o w o f f e r e d ( t o b e is s u e d
a n d o u t s t a n d in g a s o f J u ly 1 1 9 1 1 ) , $ 4 ,3 0 0 ,0 0 0 ; r e s e r v e d fo r
a d d itio n s a n d im p r o v e m e n t s a t 8 0 % o f c o s t , $ 1 ,7 0 0 ,0 0 0 .

Digest of Letter of President John S. Field, C hicago, June 19 1911.
The total authorized Issue Is to be $6,000,000 bonds, to be secured b y a
first m ortgage on the real estate, buildings, equipment and all other prop­
erty of the com pany as hereinafter m entioned. Principal and Interest
will be payable without deduction for any tax or taxes.
The proceeds of the new bonds purchased b y you will be applied:
(1) T o the paym ent of the $1,200,000 collateral gold notes now outstanding
dated Jan. 1 1911 (called for paym ent July 1 1911, V . 92, p. 1503), where­
upon the refunding bonds pledged as collateral therefor and the mortgage
securing the same will be released and discharged. (2) T o making a de­
posit with Chicago Title & Trust C o., the trustee under m ortgage of April 1
1898, o f sufficient m oneys to redeem on O ct. 1 1911 all the $1,064,000 bonds
outstanding under such m ortgage (these being the only bonds now in the
hands o f the public— E d .), the com pany hereby agreeing to call said bonds
on that date. (3) T o the paym ent of all floating debt. (4) W orking capital.
Subject only to $15,000 real estate liens, the new bonds will on O ct. 1
1911 be a first lien upon the entire property (as In effect they are at present)
and the com pany will be free from floating debt. The tangible property
was appraised by the A udit Co. of New York Dec. 31 1910 at $9,565,599.
Upwards of $3,748,000 of this valuation Is based on some 7,000 acres of
real estate on 21 different railroads In the territory tributary to Chicago,
including 48 separate properties in Chicago Itself. No allowance is made In
this value for Ice-cutting privileges, good-w ill and other factors of a going
business. The total assets on Dec. 31 1910 aggregated $12,594,120, giving
a surplus over all Indebtedness, on the com pletion of the sale of these bonds
and the retirement of the present indebtedness, of over $8,200,000.
The $1,700,000 of bonds authorized but unissued m ay be issued from time
to time to reimburse the com pany for expenditures for extensions. Improve­
ments and acquisitions to a par am ount equal to 80% o f the cash cost
Annual sinking fund paym ent $50,000, beginning July 1 1912, together
with the accumulations of Interest upon the bonds redeemed from time to
tim e and held alive In the sinking fund, will be sufficient to retire m ore than
one-half of the entire issue of 56,000,000 bonds.
From 1906 to 1910 inclusive the net earnings applicable to bond Inter­
est averaged $634,712 per annum, or about 3 times the annual Interest
charge on these $4,300,000 bonds. I estimate that for the current year
the net earnings applicable to bond interest will materially exceed the
average for the past five years. The com pany has paid full dividends of
6% for 13 years on its $3,000,000 pref. stock, and In addition has expended
from earnings upwards of $2,000,000 on plant and equipment.
Incorporated in Jan. 1885 In Illinois with a capital stock of $500,000,
and purchased 35 Chicago Ice com panies in 1898 and several since. The
com pany now owns and operates (a) natural lee plants In W isconsin, Illi­
nois and Indiana, having a capacity of 2,500,000 tons; (b) five artificial lee
plants with a capacity of 175,000 tons; (c) has 31 distributing depots in
Chicago and owns thereat private side tracks with a capacity for over 150
cars; (d) also delivers ice in Elgin, Aurora, R ockford , Joliet, Chicago
Heights, Pullman and Evanston. 111.; Kenosha and Madison, W Is., and
W hiting, Hammond and Valparaiso, Ind.; (e) has an extensive building
material business In Chicago and vicinity, em ploying on an average 150
teams; (f) owns sand pits at Dune Park, near Gary, In d ., over 2,000 acres
In extent, from which it furnishes sand for building purposes and elevation
of railroad tracks, and In connection therewith owns and uses five steam
shovels and 200 gondola cars; (g) also owns and operates three extensive
gravel-washing plants, capacity 100 cars dally; (h) has Its own repair shops
and makes all its tools, wagons, harnesses, &e.; (1) controls the Consumers'
Co. In Chicago, makers of hydrox distilled water, ginger ale and carbonated
waters, and lcc cream , which have a large and rapidly growing sale in Chi­
cago and suburbs. These associated lines of business enable the com pany
to keep Its organization Intact the year round.
A pplication will be m a le to list these bonds on the New York and Chi­
cago Stock Exchanges.— V . 92, p. 1705, 1639.

[VOL.

LX X X XU I.

will be assigned to the Little Falls Co. or will be canceled. It is hoped that
the cash proceeds from tho operation of the business will take care o f the
aforesaid expenses, and that It will be unnecessary to use this pref. stock.
It Is intended that the voting trust agreement shall grant broad powers
and shall authorize the voting trustees to vote the stock In favor of tnc sale
o f the new com pany, and to permit of mergers or consolidations as m ay be
deemed advisable. {The plan has not yet been declared operative, owing,
It is understood, to the fact that one large claim has not been dep osttcd .-E d .[

Merchants’ & Miners’ Transportation Co., Baltimore.—
Same Dividends.—

T h e “ B a ltim o r e S u n ”

o f J u n e 2 9 sa id :

On June 15 the directors declared a dividend of 1 % , payable on June 30
to stockholders o f record of June 20. This follows the dividend of 2 ^ %
paid last January, making 3 % for the year. The same dividends for
the same months were paid in 1909 and 1910. In the "B altim ore Sun” of
June 18 it was stated that in 1910 the dividends had been 2 K % in Jan.
and 2% In July. This was corrected yesterday by Treasurer R obinette.—
V . 92, p. 1705.

Mexican Telegraph Co.— Partly Estimated Earnings.—
F o r 3 a n d 6 m o n th s e n d in g J u n e 3 0 :

3 M o s.—
Tot. Inc.
1911----------------------- $210,000
1910
207,000
6 Months —
1911
-$417,500
112,000
1910______________
m
,
T otal surplus June 30 1911,
_

50

Net Inc. Mex.Govt.

Divs. Paid.
(2 4 j)$ 8 9 ,7 3 5
(21^ )80 ,73 5

Hal., Sur.
$95,390
91,265

$389,017 $23,000
(5 )5 1 7 9 ,4 7 0
379,000
19.000
H
.
(5)U179,470
$2,769,131.— V . 92, p. 1104, 885

$186,547
180,530

$19 6 ,6 2 5
190,500

$11 ,500
9,5 0 0

Monon Coal Co.—

Guaranteed Bonds.— T h i s c o m p a n y w a s
i n c o r p o r a t e d in I n d i a n a o n M a y 1 5 1 9 1 1 w it h $ 1 , 0 0 0 , 0 0 0 o f
a u t h o r i z e d c a p i t a l s t o c k , a ll o u t s t a n d i n g , a n d h a s a c q u ir e d
t h e 2 0 , 0 0 0 a c r e s o f c o a l l a n d s in t h e c o u n t i e s o f S u l l i v a n ,
C l a y , G r e e n e a n d V i g o , in I n d i a n a , a n d s e v e n m i n e s n o w in
o p e r a t i o n ( t o t a l d a i l y o u t p u t a b o u t 1 0 , 0 0 0 t o n s ) w h ic h w e r e
r e c e n t l y p u r c h a s e d b y W i l l i a m M o r r is I m b r i e & C o . o f N . Y .
C it y fr o m th e A llia n c e C o a l C o . ( V . 9 2 , p . 1 1 1 1 ) .
T h e n e w c o m p a n y li a s a u t h o r i z e d a n is s u e o f $ 3 , 0 0 0 , 0 0 0
p u r c h a s e -m o n e y 1 s t M . s in k in g fu n d 5 % b o n d s d a te d J u n e 1
1 9 1 1 a n d d u e J u n e 1 1 9 3 6 , b u t s u b j e c t t o c a ll a s a w h o le
o r fo r th e s in k in g fu n d a t 1 1 0 .
P a r $ 1 ,0 0 0 .
T ru ste e ,
B a n k ers T ru st C o .
I n t . o n th e se b o n d s ( p a y a b le J . & D .)
is g u a r a n t e e d b y t h e C h ic a g o I n d i a n a p o l i s i t L o u i s v i l l e R y .
T h e p r e s e n t is s u e o f $ 2 , 5 0 0 , 0 0 0 is t o g o a b r o a d .
I'orm o f guaranty: “ In consideration o f the purchase of the within bond
and the sum of $1, Chicago Indianapolis & Louisville R y . C o., the original
holder thereof, pursuant to due corporate proceedings by It had, docs hereby
guarantee the due and puntcual paym ent of the interest of the within bond
according to the terms thereof, and of the mortgage securing the same, and
covenants Itself to pay such interest upon demand of the holder of the sev­
eral coupons representing such interest, in case of non-paym ent of such cou­
pons when due by the obligor under tills bond . [Signed Chicago Indianap.
& Louisville R y ., b y ------------- — )
Directors: Harry N. Taylor (President) and Fairfax Harrison, Chicago:
James Imbrie and I'red’k W . Stevens, N. Y .; A . M. Ogle Jr. of Terre H aute.

Nassau Light & Power Co,, Roslyn, &c., L. I., N. Y.—
Year ending
Gross
, iV i'V ,'30—
Darnings.
1 9 1 0 -1 1 ------------$313,017
1909-10 _ _ ......... 278,857
— V . 91, p. 467.

Net
Earnings.
$152,520
124,314

Interest
Charges.
$31,052
29,576

Dividends
(6 % ).
$58,140
58,140

Balance,
Surplus.
$63,328
36,598

New York Tanning Extract Co.— Guaranteed Bonds—
Earnings.—

L e e , H ig g in s o n & C o ., N e w Y o r k , B o s t o n a n d
C h i c a g o , a n d H i g g i n s o n & C o . , L o n d o n , r e c e n t l y p la c e d a t
1 0 1 a n d i n t . t h e p r e s e n t is s u e o f $ 1 , 5 0 0 , 0 0 0 6 % s i n k i n g f u n d
c o n v e r t i b l e g o ld b o n d s g u a r a n t e e d b y t h e A r g e n t i n e Q u e ­
b r a c h o C o . a n d secu red b y a 1st m t g e . o n th e p r o p e r ty o f
th a t c o m p a n y .
D a te d J u ly 1 1 9 1 1 a n d d u e J a n . 1 1 9 2 7 , b u t
r e d e e m a b l e , a ll o r a n y , a t 1 0 5 a n d i n t . o n a n y i n t . d a t e .
P a r $ 1 , 0 0 0 a n d $ 5 0 0 ( c * ) , o r p . & i. in s t e r l i n g a t 4 8 6 2 - 3 .
I n t . J . & J . in N . Y . a n d L o n d o n .
A b s t r a c t o f L e t t e r f r o m P r e s . YVm . M . B a l d w i n , N . Y . , M a y 2 7 1 9 1 1 .

Organization.— Incorporated In N. Y . In 1905 but dates back, through
predecessor companies in the w ood extract business, to 1798. In 1903 the
Argentine Quebracho C o., also a N. Y . corp.,w as organized to operate and
develop timber tracts in the Argentine, all Its capital stock now being held
by the N . Y. Tanning E xtract Co. T he two com panies m anufacture from
quebracho, a w ood native to the Argentine R epublic and Paraguay, a
higaly-conccntrated tanning material which has In tho past five years
Robert MacKinnon & C o ., Manufacturers of Underwear, practically revolutionized the tanning Industry. Leather form erly tanned
six months by the hemlock or oak-bark process, Is now produced b y use
Little Falls, N. Y .— R e o r g a n iz a tio n .— H o l d e r s o f 8 5 % o f t h e In
of extracts of Quebracho in 60 days or less.
o u t s t a n d in g c la im s h a v e a s s e n t e d to th e p la n o f r e o r g a n iz a ­
, THnS ° f Quebracho Wood Consumed In Company’s Brooklyn Factory.
1897.
1900.
1903.
1906.
1009.
1910.
tio n d a te d M a r c h 15 1 9 1 1 , a n d h a v e d e p o s ite d th e ir c la im s
,3 3 1
7,420
27,786
39,862
64,192
68.485
w ith th e B a n k e r s T r u s t C o ., 7 W a ll S t . , N . Y . , th e d e p o s it a r y .
With the new plant o f the Argentine .Quebracho Co. In Argentine In
operation, the consum ption of quebracho w ood of the tw o com panies will
T h e t i m e f o r d e p o s i t s h a s b e e n e x t e n d e d till J u l y 1 5 .
John
be Increased in 1911 to 120,000 tons per annum. Contracts have been
E . M c L o u g h l i n is t r u s t e e in b a n k r u p t c y .
closed for substantially the entire output or botii plants for said year.
The com m ittee consists of Charles A . Miller, an attorney of Utica; James
Capitalization—
Authorized. Outstand’ g.
S. Sherman, Pres, of Utica Trust & Deposit Co.; Z. S. Freeman, V.-Pres. 6% sinking fund gold bonds due 1927 (this Issue)-.$ 2 ,5 0 0 ,0 0 0 $1,500,000
*'
o f the Liberty N at. Bank of N. Y .: Henry S. Grew, Pres, of Nat. Union
N. Y . Tanning E xt. Co. IstM . 6?,', bonds, due 1922.
400,000
400,000
Bank of Boston; and J. W alter Farrell, of Well, Farrell & C o., note brokers, Argentine Quebracho Co. 1st M. 7% bonds, due
of Boston, with W hite & Case, 31 Nassau S t., N . Y . City, as counsel.
1914 (to be retired from proceeds of this Issue)
_______
150,000
N. Y . Tanning E xt. Co. p ref.stock (6% cum ulative) 4,000,000 2,734,300
Digest of Plan.
N. Y . Tanning E xt. Co. com m on stock ___________
2,000,000 1,530,200
The total indebtedness o f the com pany is approxim ately $1,800,000.
Tho assets were appraised by appraisers appointed In the bankruptcy court,
Earnings after Am ple Allowance fo r Depreciation.
tw o of whom were practical men, at $1,457,988, but some deductions should
1908.
1909.
1910.
1911.
be made from this am ount. However. It Is believed that to replace the
Net earnings_____________ $224,470
$350,661
$475,638 es(.$650,000
plants, e tc., would cost a considerable sum In excess of this am ount.
Bond Interest charges _ . 42,300
40,090
38,537
114.000
If the com m ittee shall, at judicial sale, or otherwise, acquire the property,
S urp lus-------- . ............. _ 182,164
310,565
437,101
536,000
there will then be organized a corporation under the laws of New York,
Dividends of 6% on the pref. stock have been paid since organization,
hereinafter referred to as the “ new com p a n y,” with an authorized capital and the accumulated surplus Dec. 31 1910 amounted to $736,648. W ork­
stock of (a) $250,000 cum . pref. stock and (b) $1,800,000 com . stock, or ing capital Dec. 31 1910, $957,248, viz.: Cash, $203,090: accounts receiva­
such other amount as will approxim ately equal at par the amount of the ble, $253,293; and merchandise, $828,007; less a cc’ ts and bills p a y .,$418,042.
valid Indebtedness of the partnership. The com m ittee will sell the property
Properties.— Heretofore this com pany has obtained Its quebracho partly
thus acquired to the new com pany, and will accept In paym ent the entire
rom the lands (some 425,000 acres) of the Argentine Quebracho Co. and
Issue of Its pref. and com m on stock.
partly b y purchase. The proceeds of the bonds now sold are to be used In
The com m ittee will then organize a corporation under the laws of New com pleting the purchase or some 008,000 additional acres In Paraguay, to
Y ork, hereinafter called the “ Little Falls C o.,” and will turn over to said
provide equipment and to pay oir the $150,000 m tge. debt of tho Argentine
com pany all of the com m on stock o f the new com pany, accepting in pay­
Quebracho Co. The com pany will then have available at least 2,500,000
ment therefor all of the capital stock of the Little Falls Co. and an issue of tons of quebracho wood, or sufficient for more than 20 years at the present
$900,000 cumulative gold Income bonds, or such amount thereof as will rate of consum ption of about 120,000 tons per year.
equal at par 50% of the valid claims against Robert MacKinnon & Co.
The com pany’s physical properties in New York Argentina and Para­
Such bonds will carry interest at 5 % per annum and be payable as to guay are worth more than $6,400,000, of which about $2,000,000 represents
principal In equal annual Installments In 5, 6, 7, 8, 9 and 10 years after date.
the m anufacturing plants In Brooklyn and Argentina, and im provem ents on
The securities of the Little Falls Co. will be distributed as follows: The
the Argentine properties, and the remainder the quebracho lands at current
capital stock, amounting to $900,000, or such amount as will equal at par prices, which are steadily increasing. Including current assets the total
50% o f the aforesaid va'ld claims, will be placed in a voting trust for 5 assets exceed $7,000,000, against which the bonded debt aggregates only
years (the trustees to be selected by the com m ittee). Each creditor will $1,900,000. inel. the $1,500,000 bonds now sold. The plant of the New
receive 50% o f his Indebtedness in the gold incom e bonds and 50% In York Tanning Extract Co. is situated on tho East R iver, Brooklyn, N. Y .
voting trust certificates.
and occupies 1 'A city blocks with two 400-ft. piers, with tracks, & c., the
The board o f directors o f the new com pany will consist of five members
whole valued at $1,000,000. In the centre o f the forest lands of the A r­
of the com m ittee and two other members to be selected by the com m ittee,
gentine Quebracho C o., connected by railway with the main line, Is located
and It Is the Intention that at least one o f the directors shall be a practical
the com p any’s new town, including hotel, school and numerous brick
knitting goods man. The directors of the Little Falls Co. will also be se­ dwellings, all of which surround the recently-constructed steel and brick
lected by the com m ittee.
extract plant, the whole costing over $1,000,000.
The $250,000 of pref. stock Issued b y the new com pany will only be used
In addition to the direct obligation of the N. Y . Tanning Extract Co.
b y the com m ittee as may be necessary to meet the expenses and other these bonds will be guaranteed, prln., Int. and sink, fund, b y the Argentine
purposes o f reorganization and the obtaining o f cash capital for the new
Quebracho Co. They will be secured b y a 1st M. upon the 425,000 acres
com pany. Much o f the pref. stock as is not required for these purposes
of lands (valued at over $3,000,000) and the factory of the Argentine Que-




Ju ly 1 1911.1

THE CHRONICLE

bracho Co. In Argentina, and b y a first Hen upon all the capital stock of the
Argentine Quebracho Co. and all the capital stock of the N. Y . & Paraguay
Co. (N . Y . corporations), the latter being the owner of the 908,000 acres
o f quebracho land In Paraguay. These 51,500,000 bonds will thus be se­
cured, either b y m ortgage or collateral trust, b y lands and manufacturing
plants conservatively valued at $5,400,000. W hile these bonds arc out­
standing, neither subsidiary can further m ortgage Its p roperty, except to
the N. Y . Tanning Extract C o., and if either Issues any m ore stock, such
stock must all be acquired b y the N. Y . Tanning E xtract Co. and pledged
to secure these bonds. The N. Y . Tanning E xt. Co. cannot make any fur­
ther m tge. except with the consent of Lee, Hlgglnson & C o., nor shall It
pay any dividends except from net earnings. Trustee W ash. T r. C o., N. Y .
Issue $2,500,000.— These bonds arc of an authorized Issue of $2,500,000,
of which $400,000, arc reserved to retire $400,000 6s of the N . Y . Tanning
E xtract Co. due 1922 and $600,000 to provide for 50% o f the cost o f fu­
ture additions, but only when net earnings arc at least double the Interest
charges o f both cos., Including bonds proposed to be Issued. Convertible
at any time after June 30 1913 and prior to July 1 1923 Into 6% cum ulative
pref. stock o f the N . Y . Tanning E xtract Co. at the rate of $105 In stock
for each $100 of bonds. Sinking fund each year, beginning b y N ov. 1912,
to acquire $66,000 bonds at not over 105% and Int. This, with the Interest
on bonds kept alive In the sinking fund, and additional am ounts. If more
bonds be Issued, will retire by m aturity all bonds of this Issue. In case of
conversions the sinking fund Is to be reduced.

receives for all power transmitted over Its lines an annual fixed rental o f $2 50
for each horse-power (or, In case of power sold on the kilowatt-hour basis,
50c. per 1,000 kilowatt hours), the minimum rental to be an am ount equal
to the interest on Its outstanding 1st M. bonds. For the 11 m onths ended
March 31 1911 the transmission line rental amounted to $139,477; Interest
on bonds, $72,784; balance, surplus, $66,693, of which $30,000 per annum
will be used, com m encing July 1 1911, for the sinking fun d.— V . 91, p. 720

Panhandle Lumber Co.—

Further Data.— P a r t o f t h e $ 1 , ­
2 0 0 ,0 0 0
1 s t M . 6 s w e r e o f f e r e d in t h e “ C h r o n i c l e ” o f M & rc h 11
b y P e a b o d y , H o u g h t e l i n g & C o . , C h i c a g o , w h o s e c ir c u la r
s a y s in s u b s t a n c e :

Norfolk County Water Co., Norfolk, Va.—

New Bonds. —
T h i s c o m p a n y , in c o r p o r a t e d in V a . J u n e 1 7 1 8 9 9 , file d in
N o v . l a s t a n e w “ fir s t m o r t g a g e ” t o t h e C o l u m b i a A v c . T r u s t
C o . o f P h ila d e lp h ia , a s tr u s te e , to se c u re $ 1 ,0 0 0 ,0 0 0 5 % b o n d s
d a te d N o v . 1 1 9 0 9 a n d d u e N o v . 1 1 9 3 9 ; p a r $ 1 ,0 0 0 , $ 5 0 0 .
I n t . M . & N . a t o ffic e o f tr u s te e .
Of the new bonds, $159,000 or more have been Issued and $500,000 arc
reserved to retire the old 1st M. 5s, dated 1899 and due N ov. 1 1929. Of
these old bonds, $450,000 or m ore were pledged as part security for notes
of tho American Pipe & Construction Co. (V . 87, p. 938; V . 88, p. 377),
whloh owns all or a m ajority of the $100,000 capital stock . Pres., Jos. S.
Keen Jr.; Asst. Treas. & S ec., II. Bayard Ilod gc; VIcc-Pres. & Treas,
Geo. M. Bunting. Compare V . 87, p. 938.

Northport (N. Y.) Electric Light Co.

— Called Bonds.— T h e
$ 1 5 ,0 0 0 1 st M . 5 %
bonds of 1896
h a v e b e e n c a ll e d f o r
p a y m e n t a t 1 0 5 a n d in t . o n J u ly 19 1 9 1 1 a t th e M e tr o p o lita n
T r u s t C o ., 4 9 W a ll S t ., N . Y .
S ee L o n g Is la n d L ig h tin g C o .
n V . 92, p. 1639.

Nova Scotia Car Works, Ltd., Halifax.—First Preferred
Stock Offered.—

S u b s c r ip t io n s fo r th e $ 6 0 0 ,0 0 0 1 s t p r o f, s to c k
w o r e r e c e iv e d r e c e n t l y b y F . B . M c C u r d y & C o . . H a l i f a x a n d
M o n tr e a l, a n d J . M . R o b in s o n & S o n s , S t . J o h n , N . B .,
p r i c e , 9 7 ^ % , a b o n u s o f 7 5 % in c o m m o n s t o c k g o i n g w it h
th e p r e f.
A c ir c u l a r s h o w e d :

Capitalisation—
Authorised.
Issued.
First pref. 7 % cum . stock redeemable at 110% and
accrued dividends--------------------------------------------------$1,000,000
$600,000
Second pref. 7% non-cum . stock, redeem, at 110% .
250,000
220,600
Third pref. 6% non-cum ulatlve s t o c k ____________
500,000
345,200
Comm on s t o c k . . . _______ _________________
1,250.000
1,250,000
Directors.— O. E . Smith (Pres.), F. M. Brown (Gen. Mgr. and V ice-P ros.),
J. W alter Allison, S. M. Brookfield. W . J. Clayton, Andrew M. Bell, H ector
M olnncs and F. B. McCurdy, all o f Halifax, N. S.; Frank Stanfield, Truro,
N . S .; J. R . Douglas and J. R . Laroy, Amherst, N. S .; and J. M. R obinson,
St. John, N. B. Transfer agents. Eastern Trust C o., Halifax and Montreal.
Organized under the Nova Scotia Companies A ct 1911, to take over as a
going ooncern the assets o f the Sllllkcr Car C o., L td ., of Halifax, N. S ., to
add a steel under-frame plant and make other necessary additions, and to
operate the whole, with ample working capital, under experienced manage­
m ent. On organization of the new com pany underwriting of this $600 000
first pref. stock was Immediately com pleted, and the proceeds arc available
for tho purposes of the com pany. A pproxim ately $500,000 cash had been
Invested in this property previous to the expenditure of the proceeds o f the
present issue of first pref. stock. The 7% cum ulative dividend on this
stock begins to accrue to purchasers as at May 1 1911.
C o n d e n se d E x tr a c ts fro m L e tte r o f V ic e -P r e s . a n d G en . M g r. P . M . B ro w n .

Halifax, April 20 1911.
The plant covers some 27 acres of land In the northwestern portion of
H alifax, on a siding of the Intercolonial R y . W hen the extensions nowunder way, Including the steel under-frame plant, and the strengthening
of tho foundries, machine shops, forge, car mill, & c., have been com pleted,
tho works will have a capacity of 15 freight cars per day. The plant Is
m odern and well calculated for economical operation. A large business Is
also done In the wood-working department and In the m anufacture of
car wheels, castings and other iron and steel products.
Under a special arrangement the city In 1907 loaned the Sllllkcr Car Co.
$125,000 at 4 H % Interest, re-payable In 20 annual installments, which loan
has been assumed by the new eom panv and the Installment paym ents con­
tinued. Under special A ct o f the Legislature, has freedom from city taxa­
tion and an annual supply of 5,000,000 gallons of water free until 1931.
W o have on hand orders for upwards o f 1.750 freight cars, and assurances
o f further large orders. Am ong our customers are: Canadian Northern R y .,
Intercolonial R y .. A nglo-N cw foundland Developm ent (Ilarm sworth) Co.,
Tcm iskam lng & Northern Ontario R y ., Halifax Electric Tram way, Grand
Trunk R y . and Canadian Pacific R y .
Estimated Dividend-Earning Capacity on Expected Output o f 2,000 Freight
Cars per Annum .
Net pr-fit on 2.000 freight cars .................. _______ _____
$160 000
Dividend of 7 % o $600,000 first preferred s t o c k .................
4 2 ’000
Bal. (equal to 7% on 2d pref., 6% on 3d pref. and 7% on com .) .8118,000
W o assumed control on Feb. 1 last, but the properties were not form ally
vested In the com pany until Feb. 28. On March 15 we began to ship four
b ox cars per day. Our shipments of Southern pine arc now arriving and
our output will now be five cars per da r. The additional machinery for the
existing shops will begin to arrive tills m onth. W e arc arranging to have
It Installed without delay and, beginning In June, our output will steadllv
Increase to the maximum capacity. See also V . 91, p. 1331; V . 92, p . 466

Omaha (Neb.) Water Co.

— Dividend Increased.— A d i v i ­
d e n d o f 5 % o n th e $ 6 1 4 ,3 0 0 5 % n o n -c u m u la t iv e 1 s t p r o f,
a n d o f 4 % o n th e $ 8 5 8 ,0 0 0 5 % n o n -c u m u la tiv e 2 d p r e f. s to c k
h a s b e e n d e c l a r e d , b o t h p a y a b l e J u l y 1 5 t o t h e h o ld e r s o f
c e r t if i c a t e s o f b e n e fic ia l i n t e r e s t o f r e c o r d J u l y 1 f r o m e a r n ­
in g s o f t h e fis c a l y e a r e n d i n g J u n e 3 0 1 9 1 1 :

These disbursements com p a r: with 5% and 3 % , respectively, from the
earnings of the previous year. S c e V .O l .p . 1331.— V . 92, p. 1 139, 1182.

Proposition to Issue City Bonds Defeated— To be Re-Sub­
mitted.— S e e “ O m a h a ” in “ S t a t e & C i t y ” D e p a r t m e n t .
— V.

92, p.

1439,

1182.

Ontario Transmission Co., Ltd.—Listed.— T h e

N ew

Y ork

S t o c k E x c h a n g e h a s li s t e d $ 1 , 8 0 4 , 0 0 0 1 s t M . 5 % 4 0 - y e a r
b o n d s d u e 1 9 4 5 , g u a r ., p r in . a n d i n t ., b y O n ta r io P o w e r C o .

Guaranty endorsed on each bond: "F o r value received, the Ontario
Power Co. of Niagara balls hereby guarantees the paym ent of the within
bond and the Interest thereon as and when the same becomes due and paya­
ble, In accordance with the terms thereof, and of mortgage and deed of trust
securing the same. In witness Whereof It has, by resolution o f its board o f
directors, duly adopted the 15th day of N ovem ber 1905 caused this guar­
anty to be signed by Its President, sealed with Its corporate seal and at­
tested b y its Secretary, on the 16th day of N ovem ber 1905. (Signed b v
the Ontario Power Co. of Niagara Falls, b y J. j . Albright President
A ttest: R . C. Board, Secretary.]
The com p any’s property Is leased to the Ontario Power Co from Mav 1
1910 to April 1 1950 under a contract whereby the Transmission Company




51

Bonds dated Feb. 1 1911 and due $60,000 semi-annually, beginning
A ug. 1 1911 and ending Feb. 1 1921, but redeemable In the reverse of their
numerical order on Interest dates at 105 and Int. Principal and semi­
annual Interest payable at First Nat. Banks o f Chicago and New Y ork,
hirst Trust & Savings Bank, Chicago, trustee. Par $1,000 and $500 ( c * ).
Valuation o f Security, $6,153,754, viz.: Lands and standing tim ber owned
in fee, $3,562,771; farm lands and city real estate, $75,051; plants and
equipm ent, $1,544,240; cash and cash assets, net, $971,693. The actual
nvestm ent In the property has been as follows: Cash Investment of stock­
holders (2
times the bond Issue), $3,080,489; investment o f bondholders.
$1,200,000; total, $4,280,489.
The net earnings In 1910 were $283,418, being sufficient to provide for
10% of the principal and to pay the average annual bond Interest ($37,800)
nearly 4
times over. The year 1910 was a period of extrem e depression
in the lumber Industry. The com pany’s output was less than 50% of Its
present normal cap acity. The new mill at lone, costing over $750,000. was
on ly recently put in operation, and contributed only a nominal amount
t
Under normal conditions the output In finished lumber will
Det£r . •'00,000 ft- Pcr annum, and the net earnings should exceed $600,000.
Sinking F u n d .— $3 per 1,000 ft. on all timber cut and rem oved from the
property applicable to the paym ent of Installments of principal and then, op­
tionally, m ay be left In sinking fund, used to redeem bonds, or, with appr^v ?i
P cabo d y. H oughteling & C o., to purchase of additional tim ber
.u Cl\ lands- This fund Is sufficient to pay off the entire principal
with the exhaustion of less than one-half of the tim ber.
Incorp. In 1906 In Idaho. Its tim ber properties com prise: 216,528,256
ft. o f white pine; 277,180,652 ft. o f yellow pine, and 450,269,582 ft. of
mixed tim ber, principally cedar, spruce, larch and fir, available both by
rail and water. The mill at Spirit Lake (Idaho) was com pleted In 1908;
annual output capacity over 50,000,000 ft. of finished lumber and lumber
products. The mill at lon e, W ash., com pleted In 1910, Is electrically
driven; normal capacity over 50.000,000 ft. Maximum capacity of the
two mills over 150,000,000 ft. per annum. Transportation facilities unex­
celled in the W est. Idaho & Washington Northern R R . (V . 92, p. 118)
is owned largely b y the stockholders of the Panhandle Lum ber C o.; It
rims practically through the centre of the com p any’s tlm b -r properties.
The pine shop lumber Is marketed largely In W isconsin and Iowa, the better
grades of boards largely in Chicago, and the white pine principally In New
York, Pittsburgh, Cleveland and Chicago. During 1910 the com pany sold
Lr92i,ft , P*rft Lake plant 41,995,799 ft. of lumber and from Its lone plant
7>379,455 ft., making a total of 40,375,254 ft.
, A v ? r receiving the proceeds of these bonds, the balance sheet as of Jan.
sbow liabilities of $4,322,479, v iz.: Capital stock outstanding.
$2,892,200; surplus earnings, $188,289; 1st M. bonds. $1,200,000; accounts
payable, $41,990. Offsets (see actual valuation above)- Land and stand­
ing tim ber, $1,697,856; farm lands and city real estate, $66,699: plants and
equipment, $1,544,240; logs, lumber and supplies, $680,241; cash, accounts
and bills receivable, $333,442.
The management of the com pany Is efficient and conservative. Presi­
dent, F . A . Blackwell.

Pennsylvania Beech Creek & Eastern Coal Co.—

Status.—
T h i s c o m p a n y w a s o r g a n i z e d in 1 9 0 6 a s le s s e e o f t h e P e n n s y l ­
v a n ia C o a l & C o k e C o ., w h o s e r e o r g a n iz a tio n p la n w a s o u t ­
lin e d M a y 2 7 ( p . 1 4 3 9 ) .
P r a c t i c a l l y a ll o f t h e $ 3 , 0 0 0 , 0 0 0
5% b o n d s o f t h e P e n n s y l v a n i a B e e c h C r e e k A E a s t e r n C o a l
C o ., w e le a r n , w e re e x c h a n g e d s o m e t im e a g o fo r s to c k o f th e
P e n n s y lv a n ia C o al & C o k e C o .
N o p r o v i s i o n is m a d e in t h e
a f o r e s a id p l a n f o r a n y o f t h e s t o c k . — V . 9 1 , p . 2 1 8 .

Pennsylvania Coal & Coke Co.—

Sold.— A t t h e f o r e c lo s u r e
s a le o n J u n e 2 3 t h e p r o p e r t y w a s b i d in b y t h e b o n d h o l d e r s ’
c o m m i t t e e f o r $ 1 0 2 , 0 0 0 a n d w ill b e t u r n e d o v e r t o t h e C le a r ­
fie ld B i t u m i n o u s C o a l C o r n ., w h o s e $ 2 , 5 0 0 , 0 0 0 n e w 4 ^ %
b o n d s w ill b e g u a r a n t e e d b y t h e N . Y . C e n t r a l A H u d s o n
R iv e r R R .
S ee th a t c o m p a n y u n d e r “ R a ilr o a d s ” a b o v e
a n d p la n , V . 9 2 , p . 1 4 3 9 .

Pittsburgh Valve, Foundry A Construction Co.— Re­
arrangement of Stock.—

T h e s to c k h o ld e r s r e c e n tly a p p r o v e d a
p l a n o f r e - a r r a n g e m e n t o f c a p i t a l i z a t i o n b y w h ic h t h e c a p it a l
s t o c k o f $ 1 , 2 5 0 , 0 0 0 , a ll o f o n e c l a s s , o n w h ic h q u a r t e r l y
d iv id e n d s o f 1
h a v e b e e n p a i d , h a s b e e n , o r w ill b e , d i v i d e d
i n t o t w o c la s s e s o f e q u a l a m o u n t s , $ 5 7 5 , 0 0 0 6 % c u m u l a t i v e
p r e f. a n d $ 5 7 5 ,0 0 0 c o m m o n .
T h e p r e f . c a n b e r e t i r e d in
a n y p a r t a t a n y d iv id e n d p e r io d a t 1 1 0 , a t th r e e m o n t h s ’
n o t i c e .— V . 8 4 , p . 3 9 4 .
.

Pittsburgh-Westmoreland Coal Co.— Status— Development
in Washington County, Pa., Field.—

The

“ Iron

A ge”

of

N e w Y o r k o n A p ril 13 sa id :

In 1907 the com pany started to develop new mines and coke ovens, the
mines to have a capacity o f 15,000 tons a day with a plant of 2,000 me­
chanical coke ovens, which would produce 6,000 tons of coke a day. Dur­
ing the panic this work was suspended, but last year a large mine was
opened near Dcntleyvlllc (W ashington C ounty), Pa., and there were erected
and com pleted 300 o f the new ovens. These ovens have a total capacity
o f 1,000 tons a day, and the operation of the plant Is wholly mechanical.
In the next year and a half the com pany will com plete three new coal-mining
plants and 1,500 new ovens. Increasing Its coal production to 6,000,000 tons
a year, and as a third of It will be manufactured Into coke Its coke produc­
tion will be 1,500,000 tons per year. Through the almost autom atic opera­
tion the cost of the m anufacture o f coke at this plant has been reduced to
approxim ately 15 cents a ton, which Is to be com pared with 35 to 40 cents
In the ordinary beehive ovens In the ConncllsvIIle field. This new field of
coking coal promises in a few years to be the centre of the coke-m aking
Industry of Western Pennsylvania. Compare V . 82, p. 284: V . 88, p. 381.

Powers-Weightman-Rosengarten Co., Philadelphia.— New
Stock.—

The
$ 3 ,3 7 0 ,0 0 0 .

sto c k

has

been

in c r e a s e d

fro m

$ 2 ,1 1 5 ,0 0 0

to

.

Republic Iron & Steel Co.—Listed.— T h e

N e w Y o r k S to c k

E x c h a n g e h a s li s t e d $ 1 , 7 3 0 , 0 0 0 1 0 - 3 0 - y r . 5 %
bonds
1 9 1 0 , m a k i n g t h e t o t a l a m o u n t li s t e d $ 1 1 , 4 3 6 , 0 0 0 .

due

The bonds were Issued for new construction. Im provem ents and better­
ments at Youngstown, Ohio.— V. 92. p. 1440, 1182.

Rothschild & Co., Chicago.

— Bonds Offered.— G r e e n e b a u m S o n s , C h i c a g o , h a v e r e c e n t l y b e e n p l a c i n g a t p a r th e
t o t a l a u t h o r i z e d is s u e o f $ 2 , 0 0 0 , 0 0 0 6 % 1 s t M . r e a l e s t a t e
g o ld b o n d s , s e c u r e d u p o n t h e c o m p a n y 's n e w d e p a r t m e n t
sto r e b u ild in g o n S ta t e S t ., fr o m V a n B u r e n S t . to J a c k so n
B o u le v a r d , C h ic a g o .
A n a d v e r tis e m e n t sa y s :

Bonds dated July 1 1911, maturing $100,000 annually, July 1 1914 to
July 1 1926, and $700,000 July 1 1927. Interest (semi-annual) and princi­
pal payable at bank of Grcenebaum Sons, Chicago,
The new ten-story and double basement fire-proof steel-constructed
granlte-and-terra cotta building, size 360x144H ft ., is located in the heart

52

THE CHRONICLE

of the retail business centre and " L o o p " district of Chicago. Estimated
cost o f building (360x144 y3 ft .), $4,000,000; estimated value of leasehold
(70 to 95 years), $2,000,000; total, $6,000,000.
Rothschild & Co. arc widely known as one of the largest and most suc­
cessful department store enterprises. The net earnings arc very large and
show a healthy increase each year. The paid-up capital is $3,300,000,
"exclu sive of the special building fund and the value o f this estate,”
Pres.,
C. E . Davis; V .-P ., II. C. Schwab; Sec., II. M. Samson. The principal
stockholders include Edward Morris and Ira N. Morris, who arc directors.

Standard Gas & Electric Co., Philadelphia.— Bonds. — T h e
Phila. S t o c k E x c h a n g e h a s li s t e d $ 8 5 0 , 0 0 0 a d d i t i o n a l c o n ­
v e r t i b l e 6% s in k in g f u n d g o ld b o n d s , d u e M a y 1 1 9 2 5 , m a k ­
t h e t o t a l a m o u n t li s t e d $ 3 , 0 0 0 , 0 0 0 , t h e t o t a l a u t h . is s u e .

ing

Securities Acquired with the Proceeds o] Above $850,000 Additional Bonds
and Delivered to Trustee.
Northern Idaho & Montana Power 1st M. 6s, 1949______ _________ $480,000
Tacom a Gas Light "first and ref. m tg e.” 5s_______________________ 21,000
Consumers’ Power Co. 1st M. 5s, 1929______________________- ____ 350,000
Mobile Electric Co. pref. s tock ___________________________________
57,000
Common s to c k ___________________________________________________ 593,700
Ottumwa R y. & Light Co. com m on s tock _________________________ 320,900
Everett Gas Co. pref. s tock ________________________________________ 30,800
Comm on s to c k ___________________________________________________ 228,800
1st M. gold 5s, 1940............................................................................ ..
55,000
Muskogee Gas & Electric Co.com m on s to c k _______________________ 184,700
Fort Smith Light & Traction Co. pref. s to c k ____________ _________ 155,000
Common s to c k ___________________________________________________ 99,900
Northern States Power Co. pref. s tock ------------------------------------------- 400,000

Earnings. —

P r e lim in a r y r e p o r ts fo r y e a r s e n d . M a y 3 1 :

— Consumers’ Power-------Ft .Smith L .& T r .- Muskogee G. & E l.
1911.
1910.
1911.
1910.
1911.
1910.
G r o s s ______ $1,378,894 $1,066,156 $493,136 $433,316 $416,897 $320,997
N e t ________
591,909
416,848 211,273 190,822 154,358 106,157
-Ottumwa R y . & L t.----- Enid Elec. & G .------ E verettG asCo.—
1911.
1910.
1911.
1910.
1911.
1910.
G r o s s ............ $274,913 $218,374 $148,209 $125,684 $96,341 $69,180
Net _______
128,365 115,970
66,480
50,303 35,788
25,044
— V . 92, p. 1378, 1037.

Union Natural Gas Corp., Pittsburgh, Pa.—A c q u is it io n .—
T h is c o m p a n y ’ s s u b s id ia r y , th e L o g a n N a tu r a l G a s C o ., h a s
p u r c h a s e d fr o m th e I le is e y G a s C o . 2 7 ,0 0 0 to 2 8 ,0 0 0 a c re s
in t h e C l i n t o n s a n d f ie ld s o f O h i o .
N o s e c u r i t ie s w ill b e
is s u e d t h e r e f o r .— V . 9 2 , p . 5 2 4 .

United Boxboard Co., New York and Chicago.—A d ju s t­
m ent N e c e s s a r y — D e la y in

P a y m e n t o f J u ly In te r e s t. — -T h e
d i r e c t o r s a t a m e e t i n g h e ld o n J u n e 1 0 u n a n i m o u s l y d e c id e d
a n a d ju s t m e n t b e tw e e n th e b o n d h o ld e r s a n d th e c o m ­
is “ a d v i s a b l e in o r d e r t o e n a b l e t h i s c o m p a n y t o s u c ­
c e s s f u l l y o p e r a t e u n d e r t h e p r e s e n t b u s i n e s s d e p r e s s i o n ,”
f o r t h i s r e a s o n t h a t i n t e r e s t s h o u ld n o t b e p a i d a t t h i s
o n th e ( $ 1 ,5 2 2 ,0 0 0 ) g e n e r a l M . 6 s a n d th e ( $ 1 ,1 7 9 ,9 9 0 )
c o ll, tr u s t 6 s ,
a d v a n t a g e to b e ta k e n o f
th e 9 0 -d a y s
g r a c e a s s e t f o r t h in s a id m o r t g a g e s .
T h e o ffic e r s w e re
c o n s e q u e n t ly in s tr u c te d n o t to p a y th e J u ly in te r e s t on th e
a fo r e s a id b o n d s .

that
pany
and
time
of

A b s t r a c t o f C ir c u la r S ig n e d b y P r e s i d e n t S y d n e y M it c h e ll J u l y 1 1 9 1 1 .

Prim arily: This com pany has lately faced a business depression In the
trade of boxboard manufacture which has curtailed the profits of the co.
Secondarily: Coincident with this depression, there has been paid in cash
Since July 2 1908, to meet mortgage requirements, the sum of $1,047,130,
viz.: B y sinking funds, $491,570; by Interest on underlying liens, gen. M.
bonds and collateral trust bonds, $555,560.
In order to meet these obligations, it lias been necessary. In a measure,
to increase the floating debt. This course cannot be pursued under present
business conditions.
Inasm uch as the stockholders raised under the receivership approxi­
m ately $1,000,000 in cash to pay the floating debt, lt is the opinion of the
largest bondholders that an equitable adjustment should now be made
with the bondholders which shall put a stop to this drain, conserve the
com p any’s credit and permit Its operations unhampered. T o this end,
negotiations are pending with the bondholders to create a condition that
will assist in preventing financial embarrassment. W hile such a contin­
gency is not immediately imminent, lt seems best to take action in advance
of any such developm ents. It is hoped within 90 days to elfcct an arrange­
ment that will be satisfactory to all concerned.

c o m m i t t e e , s u c c e e d in g R ic h a r d
— V . 92, p. 1706, 1503.

[VOL.

LXXXXI1I.

I r v i n in t h e l a t t e r p o s i t i o n .
.

United States Steel Corporation.— Indicijnent of Subsidiary.
— T h e F e d e r a l G r a n d J u r y in t h i s c i t y , a s t h e r e s u l t o f a n i n ­
v e s t i g a t i o n b e g u n in M a y la s t', o n T h u r s d a y f o u n d i n d i c t m e n t s
a g a in s t 3 5 c o r p o r a tio n s a n d 8 4 in d iv id u a ls c o n n e c te d w ith
9 a s s o c i a t i o n s w h i c h , i t is s t a t e d , c o n t r o l l e d f r o m 7 0 t o 9 5 %
o f t h e b u s in e s s in t h e v a r i o u s li n e s o f w ir e p r o d u c t s a n d h o r s e ­
s h o e s , f o r a l le g e d v i o l a t i o n o f t h e a n t i - t r u s t - l a w s . -

Among the persons indicted is President "W illiam >P. Palmer of tho
American Steel & Wire C o., a U. S. Steel subsidiary, who, it is stated,
was connected with 7 of the so-called pools fo r-fixin g prices, limiting
output, &c. The pools arc alleged to have been form ed on June 1 1908,
and it is admitted that most, at least, of thc-agrccm cnts under which the
pools operated have expired. *
The “ New York Sun” quotes a lawyer Jamlliar with the activity of the
associations as follows: "T h e lawyers asked the Federal authorities what
they thought of the pools and they were told that it would be dangerous
to keep them going. So they were broken up voluntarily. In a way,
this action was taken ou t of deference to public opinion. The associations
began to expire in 1908. The first to break up was that o f the wire-rope
manufacturers. Seven associations quit in 1909. The Fine Magnet
W ire Association lasted until 1910.”

Congressional Investigation.— S e e i t e m s o n
“ B an k s,
B a n k e r s ,” & c . , i n V . 9 2 , p . 1 3 1 9 . — V . 9 2 , p . 1 3 1 5 , 1 1 7 6 , 1 1 8 2 .

Utah Gas & Coke Co., Salt Lake City.— Bonds— Earnings,
&c. —

T h e F a r w e ll T r u s t C o . o f C h i c a g o a n d W . E . V o l k ,
N . Y . C i t y , t h e i r E a s t e r n c o r r e s p o n d e n t , r e c e n t l y o f f e r e d ,a t
9 5 a n d i n t . , a b l o c k o f 1 s t M . 5 % s i n k i n g f u n d g o ld b o n d s ,
d a t e d 1 9 0 6 , a u t h . is s u e $ 3 , 0 0 0 , 0 0 0 , n o w o u t , $ 1 , 1 5 0 , 0 0 0 .
C o n d e n s e d E x t r a c t s f r o m R e p o r t o f R . E . B r o w n , At. E . , S a lt L a k e C i t y ,
D ec. 2 0 1910.

The plant was placed In active operation during July 1907 with an lnitia 1
output of 779,000 cu. ft. of gas for the m onth. The works as then c o n ­
structed had an average annual capacity of 300,000,000 cu. ft., but provi­
sion was made for enlargement, so that the then maximum output could
be quadrupled at any time at minimum cost. During the present year an
additional unit lias been Installed and the com pany Is prepared to distribute
550,000,000 cu. ft. of gas per annum.
The total amount of 1st M. bonds authorized Is $3,000,000. Of tills Item,
$1,150,000 have been sold, $350,000 are in the treasury, available for ex­
tensions. to be sold only when the net earnings for the preceding 12 months
equal 1 y times the total Interest requirements; and the remaining $1,500,­
000 may be certified and issued only when the annual net earnings shall have
equaled twice the Interest charge on bonds. Including those then to be
Issued. Such additional bonds can be issued only for 85% of the cost o f
permanent betterments and extensions.
Operations fo r Years ending Nov. 1 1908 to 19 10 and Annual Increase ( % ) .
1907-08.
1908-09.
I n c .% . 1909-10. I n c .% .
68
79 16.18
97 22.79
Miles of m ains................
Consumers’ meters in
service. N o _
3,981
5,436 36.55
6,541 20.33
T o ta ls a lc so f gas,cu. ft. 113,185,000 201,779,700 78.27 277,104,800
37.33
Gross earnings_
$107,377
$191,861 78.68
$260,027 35.53
Net earns., after rentals
29,824
61,060 104.73
94,580 54.90
Regular dividends of 1 H % quarterly have been declared on the ($500,000)
pref. stock since July 1909. See also V. 90, p. 918.

Waco (Tex.) Electric & Gas Co.— S e c S o u t h e r n T r a c t i o n
Tex., u n d e r “ R a i l r o a d s ” a b o v e .
Wentworth Hotel Co., Oak Knoll, Pasadena, Cal.—De­

C o . o f D a lla s ,

cision Validating Bonds.— T h e S u p r e m e C o u r t o f C a lif o r n ia
o n J a n . 1 0 , r e v e r s in g t h e d e c is i o n o f J u d g e M o n r o e in t h e
S u p e r i o r C o u r t a t L o s A n g e l e s o v e r a y e a r a g o , h e ld v a li d
th e a r r a n g e m e n t w ith th e W illia m R . S t a a t s C o ., u n d e r
w h ic h th e l a t t e r r e c e iv e d $ 2 7 5 , 0 0 0 b o n d s a n d $ 1 5 , 0 0 0 s t o c k
a s c o n s i d e r a t i o n f o r t h e s a le o f $ 2 6 0 , 0 0 0 s t o c k f o r c o n s t r u c t i o n

The hotel was opened in 1907 for a few months, but closed by creditors
and the assignee in bankruptcy brought an action to have the bond Issue
declared Invalid. The lowerCourt sustained the contention that the bonds
were given as a bonus to the extent of 1 05 % , to Induce the sale of stock in
order that the stock might appear to be fully paid and unassessable for the
benefit of creditors, and were thus issued without consideration and value­
less. Tlie higher Court held that the com pany had the right to sell its se­
curities at an acceptable price: that the bonds, having a lien on all the cor­
porate property, were the more valuable, the stock representing only the
In d ictm en t u n d er A n ti-T r u s t A c t . — A g r a n d j u r y in t h e surplus—-In this case nothing— and that the claim of fraud against the
creditors in causing the stock to tie rated as full paid and non-assessablc had
U . S . C i r c u it C o u r t in t h i s c i t y o n J u n e 2 6 r e t u r n e d a n i n d i c t ­ reference to the stock and could not impeach the validity of the bonds.
The old com pany had an authorized issue of $600,000 stock and $350,000
m e n t a g a i n s t a la r g e n u m b e r o f b o x b o a r d m a n u f a c t u r e r s ,
bonds. A settlement has, It is reported, been reached since the decision,
c o r p o r a tio n s (in c lu d in g th e U n it e d B o x B o a r d a n d A m e r ic a n
under which a new com pany will be Incorporated with $1,000,000 stock
and will Issue $600,000 1st M. 30-year 5% bonds, redeemable in 10 years
S tr a w B o a r d c o m p a n ie s ) , c o -p a r tn e r s h ip s a n d in d iv id u a ls ,
at 105. Joseph B . Adam s, representing the International Mercantile &
c o m p o s i n g , it is s t a t e d , t h e E a s t e r n B o x B o a r d C l u b ( o r g a n ­
Bond C o., is quoted as stating that the unsecured creditors will receive
25% in bonds, lien creditors 50c. cash and 50c. In bonds, and that the pres­
iz e d O c t . 1 5 1 9 1 0 ) , f o r a l le g e d c o n s p i r a c y t o r e s t r a in t r a d e a n d
ent
bondholders will also get 50c. in bonds, and lie asked to subscribe for
c o m m e r c e in v i o l a t i o n o f t h e a n t i - t r u s t l a w .
S e e li s t o f d e ­
new bonds at par. The hotel, lt is said, Is expected to be com pleted and
f e n d a n t s in “ N e w r Y o r k S u n ” o f J u n e 2 7 ; a l s o “ E v e n i n g
reopened shortly.
P o st” of June 2 6 .

• The daily output capacity of all the mills belonging to the defendants
aggregates, it is stated, 1,093 tons. The indictment charges that on O ct. 1
1910 and since the defendants caused the output o f paper board to be cur­
tailed by their respective mills, and, by agreeing together, llxed and estab­
lished artificial, uniform and non-com petitive prices to be demanded and
received from purchasers. Some of the defendants were formerly con­
nected with the corporations com posing the Fibre & Manila Association,
which operated under the "P arks pooling plan” and was in Feb. 1910 or
dered to be dissolved. Compare V . 90, p. 241, 451, and Internationa
Paper Co. Item, V . 88, p. 1257.— V . 92, p. 1370, 1378.

United States Cast Iron Pipe & Foundry Co.—R e p o r t. —
S ee “ A n n u a l R e p o r t s .”
N ew O ffic e r s . — T h e s e n e w o f f i c e r s h a v e b e e n e l e c t e d :

L . R . Lcm olne, form erly 2d V .-P ., lias been made President, to succeed
George B. Hayes, who becom es Chairman of the board. Colgate H oyt
Jr. has been elected a director In place of David Giles, deceased. The of­
fice of 2d V .-P . has been abolished.— V . 92, p. 468.

United States Glas3 Co., Pittsburgh, Pa.—D iv id en d
O m itted . — T h o d ir e c t o r s h a v e d e c i d e d t o o m i t t h e p a y m e n t
o f t h e u s u a l d i s t r i b u t i o n o n t h e $ 3 , 2 0 0 , 0 0 0 s t o c k , w h ic h h a s
b e e n m a d e q u a r t e r l y f r o m D e c . 1 9 0 9 ( t h e fir s t p a y m e n t s in c e
J a n . 1 9 0 8 ) a t th e ra te o f 4 % y e a r ly .

President K n ox states that the paym ent Is om itted because the com pany
requires additional working capital for Its Increased business.

N ew D ir e c to r . — S e c . - T r e a s . E r n s t N i c k e l w a s r e c e n t l y
e le c te d to th e b o a r d to s u c c e e d th e la te R . J . S t o n e y J r .— V .
9 2 , p. 3 9 8 , 6 0 2 .

United States Motor Co.

— N ew O ffic e r . — E u g e n e M e y e r
J r ., o f E u g e n e M e y e r J r . & C o ., w h o h e a d e d th e s y n d ic a t e
t h a t u n d e r w r o te th e $ 6 ,0 0 0 ,0 0 0 d e b e n tu r e s r e c e n tly a u t h o r ­
i z e d , h a s b e e n e le c t e d a d i r e c t o r a n d c h a i r m a n o f t h e f in a n c e




York (Pa.) Manufacturing Co.

— Bonds Offered.— H e n r y &
W e s t , P h i l a d e l p h i a , h a v e r e c e n t l y p la c e d a t p a r a n d i n t . a
b l o c k o f $ 5 0 0 , 0 0 0 1 s t M . 6 % s e r ia l g o ld b o n d s , t a x fr e e in
P e n n s y lv a n ia , d a te d M a y 1 1 9 1 1 , d u e $ 5 0 ,0 0 0 e a c h N o v . 1,
f r o m 1 9 1 2 t o 1 9 2 1 , i n c h , b u t c a l l a b l e , a ll o r a n y , a t 1 0 2
and
in t . o n a n y in t . d a t e .
G ir a r d T r u s t C o . , P h i l a . , t r u s t e e .
P a r $ 1 ,0 0 0 ( c * ) .
In te r e st M . & N .
T h e b a n k e rs re p o rt:

A uth. issue, $750,000: $250,000 reserved for future use, of which $150,000
can be Issued only for 75% of the cost of additions and acquisitions; present
issue, $500,000. A llrst and only lien (subject to an irredeemable ground
rent of $13 per year) upon all properties now owned or hereafter acquired,
which, as appraised, have a sound value of $1,643,124 and a reproductive
value of $1,846,071; insurance in favor of trustee, now $1,500,000 as also
the cash and quick assets, must always equal amount, c f outstanding bonds.
W .th the bonds reduced to $250,000, said quick assets must be $312,500.
Began as a co-partnership In 1875. Incorp. in Penna. in 1895; capital
stock, $400,000; since gradually increased to $2,01 0 000. Manufactures
ice-making and refrigerating machinery, which is soid all over the world
(the export trade being one of the principal sources of revenue). For use In
ice-making plants, cold-storage houses, packing houses, breweries, oil
refineries, creameries, hotels, office buildings, Iron furnaces, confectionery,
manufactories of linoleum, celluloid, soap and chemicals, &c. A ccording
to "Ice and Refrigeration” (trade journal), tills com pany in fiscal year 1910
did 36% of the business done In its lines, the nearest com petitor doing less
than 11% . The com pany’s properties cover about 10 acres of ground and
comprise about 43 buildings.
These bonds are Issued for additions and Improvements; also to pay oil
floating debt. “ Tho Iron A ge ,” Jan. 19 1911, said that after the proposed
changes the output could probably be doubled with an addition of 750 men—
that Is, with 2,000 men. For the first half-year under these improved co n ­
ditions, the gross sales iiave already exceeded the entire business of last year.
For the past 5 years the net earnings applicable to Int. have averaged
$199,554 per annum, almost five times the interest charges, or for 1912,
after deducting the principal amount of $50,000 then due and payable.
The additions and Improvements should largely increase the earnings.
Pres., VV. L. Glatfeltor; V .-P rcs. and Gen. M gr., Thom as Shipley; Sco.
and Trcas., B. II. L o u c k s . _________________________________ _____________
For other Investm ent News sec page 55.

J uly 1 1911. |

THE CHRONICLE

53

'I j k p o r t s atixl J P o c r n t m it e .
GENERAL MOTORS COMPANY
(IN C O R P O R A T E D U N D E R T H E L A W S OF T H E S T A T E OF N E W J E R S E Y .)

O F F IC IA L
ON

TH E

STATEM ENT
EXCH AN G E

TO
OF

TH E
TH E

N E W
S IX

Y O R K

PER

STOCK

CENT

EXCH AN G E

F IR S T L IE N

Detroit, Mich., June 2 2 1 9 1 1 .
A p p l i c a t i o n is h e r e b y m a d e t o h a v e p la c e d o n t h e R e g u l a r
L is t o f th e N e w Y o r k S t o c k E x c h a n g e $ 1 5 ,0 0 0 ,0 0 0 o f th is
C o m p a n y ’s S ix P e r C e n t F ir s t L ie n F i v e -Y e a r S in k in g F u n d
G o ld C o u p o n N o t e s , N o s . 1 to 1 5 ,0 0 0 , b o th in c lu s iv e , d a te d
O c to b e r 1 , 1 9 1 0 , m a tu r in g O c to b e r 1 , 1 9 1 5 , e a c h o f $ 1 ,0 0 0
d e n o m i n a t i o n , w h ic h m a y b e r e g i s t e r e d a s t o p r i n c ip a l o n l y ;
se c u re d u n d e r a D e e d o f T r u s t o f th e C o m p a n y to th e C e n tra l
T r u s t C o m p a n y o f N e w Y o r k , a s T ru ste e , d a te d O c to b e r 1
1910.
I n t e r e s t a t S i x P e r C e n t p e r a n n u m is p a y a b l e s e m i ­
a n n u a lly o n A p ril 1 a n d O c to b e r 1 .
B o t h p r in c ip a l a n d
in te r e s t a r e p a y a b le a t th e o ffic e o r a g e n c y o f th e C o m p a n y
in t h e B o r o u g h o f M a n h a t t a n in t h e C i t y o f N e w Y o r k , in
g o l d c o in o f t h e U n i t e d S t a t e s o f t h e p r e s e n t s t a n d a r d o f
w e ig h t a n d fin e n e s s , w it h o u t
d e d u c tio n fo r a n y
ta x or
g o v e r n m e n t a l^ c h a r g e w h ic h t h e C o m p a n y o r T r u s t e e u n d e r
th e D e e d o f T r u s t m a y b e re q u ir e d to p a y o r to r e ta in th e r e ­
fr o m u n d e r a n y p r e s e n t o r fu tu r e la w o f th e U n it e d S t a t e s ,
o f A m e r ic a o r o f a n y S t a t e , c o u n t y , m u n ic ip a lity or o th e r
ta x in g a u t h o r it y th e re in .
T h e y a r e s u b je c t to r e d e m p tio n ,
a t th e o p t io n o f th e C o m p a n y , a s a w h o le , o r fo r th e s in k in g
f u n d , a t 1 0 2 yz P e r C e n t o f t h e i r p a r v a l u e a n d a c c r u e d i n t e r e s t
o n a n y h a lf-y e a r ly in te r e s t d a t e o n n o tic e b y p u b lic a tio n a s
p r o v i d e d in t h e D e e d o f T r u s t .

IN

C O N N E C T IO N

F I V E -Y E A R

S IN K IN G

THE LISTING
COUPON NOTES*

W IT H

FUND

I h e s e n o t e s a r e is s u e d in a c c o r d a n c e w i t h r e s o l u t i o n s
a d o p te d b y th e B o a r d o f D ir e c to r s o n N o v e m b e r 11 1 9 1 0 .
A ll t h e $ 1 5 ,0 0 0 ,0 0 0 F ir s t L ie n N o t e s c o v e r e d b y th is
a p p l i c a t i o n h a v e b e e n s o l d a n d d e li v e r e d b y t h e C o m p a n y 1 h e p r o c e e d s th e r e o f w e re u se d to d is c h a r g e in d e b te d n e s s o f
t h e C o m p a n y a n d o f i t s s u b s i d i a r y c o m p a n i e s a n d t o in c r e a s e
w o rk in g c a p it a l.
1 h e G e n e r a l M o t o r s C o m p a n y w a s in c o r p o r a t e d o n S e p t e m ­
b e r 16 1 9 0 8 , u n d e r th e la w s o f th e S t a t e o f N e w J e r s e y .
Its
c h a r t e r is p e r p e t u a l .
T h e C o m p a n y is a n o r ig i n a l o r g a n i z a ­
tio n a n d n o t a c o n s o lid a tio n o f p r e v io u s ly e x is t in g fir m s o r
c o rp o ra tio n s.
I h e c h i e f o b j e c t s f o r w h ic h t h e c o r p o r a t i o n
a n d its p o w e r s a r c b r ie fly a s fo llo w s :

w a s fo rm e d

I o m a n u f a c t u r e a n d d e a l in m o t o r s , m o t o r c a r s a n d
m a c h i n e s ; t o a c q u i r e f r o m o t h e r s t h e i r b u s i n e s s if o f t h e s a m e
g e n e r a l c h a r a c t e r a s t h a t f o r w h ic h t h i s c o r p o r a t i o n is
o r g a n iz e d , to a c q u ir e p a t e n t s a n d tr a d e -m a r k s ; t o a c q u ir e
a n d d is p o s e o f b y s a le , m o r t g a g e , o r o th e r w is e , se c u r itie s
o f o th e r c o r p o r a tio n s w ith s im ila r c o r p o r a te p o w e r s a n d to
a id s u c h o t h e r c o r p o r a tio n s .
T h e C o m p a n y d o e s n o t d ir e c tly o w n o r o p e r a te a n y
m a n u fa c t u r in g p la n t s , it s in te r e s ts th e r e in b e in g re p r e s e n te d
b y o w n e r s h i p o f s e c u r i t ie s o f o t h e r c o r p o r a t i o n s .

STA TE M E N T OF P H Y S IC A L P R O P E R T IE S .
Description o f Plant.
Name o f Operating Company.

Butck M otor C o ...........................__ __

Cadillac M otor Car C o ................ ....................... ..........................
Olds M otor W orks _____ _____ ______________ ____ __________
Oakland M otor Car C o _________________________ _______
Elm ore M fg. C o ______________________________ .
N orthway
__ ____M otor
_____& Mfg.
.
Co
Marquette M otor Co. Rainier C a r )_______
Rapid M otor Vehicle C o __________
Reliance M otor Track Co
The Welch Co. of Detroit .
W elch Motor Car C o __
Champion Ignition Co ____ _
Jackson-Church-W tlcox C o ____
Michigan M otor Castings C o______
Oak Park Power Co
______ _________
Randolph M otor Car Co _ — ----------------------Michigan A uto Parts C o____________ _____________

o f Land
Owned
in Fee.

Location
o f Plants.

/F lin t, Mich.
1Jackson, Mich.

1531
17/

Detroit, Mich.
Lansing, Mich.
Pontiac, Mich.
Clyde, Ohio.
Detroit, Mich.
Saginaw, Mich.

8
55
67^
3
33
35
39
4 Vo
4 '
Hi
1
2

Owcsso, Mich.
Detroit, Mich.
Pontiac, Mich.
Flint, Mich.
Saginaw, Mich.
Flint, Mich.
Flint, Mich.
Chicago, 111.
Detroit, Mich.
Pontiac, Mich.

Square Feet
o f Factory
Floor Space.

Approxim ate Car
Manufacturing
Capacity
per Year.

2,000,000

30.000 cars

453,675
330,326
350,035
163,000
178,600
208,240
355,458
41.700
102,498
49,003
22,915
38.700
66,790

10.000
3.000
6.000
2,500

“
“
“
"

3,000
7,500
700

"
“
“

Owned or Leased.

Owned by General Motors
Co. o f Michigan, and
leased to the Operating
Company.

*

m
500

“

Leased

4

Oshawa, Ont.
Flint, Mlqh.

12

Owned b y the Operating
Company.

217,800
349,299

* These Companies manufacture autom obile parts and not com plete automobiles.
a This Company manufactures power.

C A P IT A L IZ A T IO N .
T h e f o l l o w i n g is a s t a t e m e n t o f a ll s e c u r i t i e s a u t h o r i z e d a n d
o u tsta n d in g :

is s u e d

by

G en eral

M o to r s

Com pany

and

a m o u n ts

now

Issued.
Authorized.
Capital Stock (par §100 per share);
Preferred, 7 % Cum ulative__ _________________________________
C o m m o n .........
Funded debt:
6% First Lien 5-ycar Sinking Fund Gold N otes_____ ________
----------------------- ------------- ------ --------------------------------------------

--------- -

-

-

$20,000,000 00
40.000.
000 00
20.000.

000 00

Outstanding.

In treasury o f the Com­
pany or its subsidiaries

$14,412,200 00
15,785,783 05

$3,626,200 00

$18,038,400 00

None

15,000,000 00

15,000,000 00

Total
issued.

A m a j o r i t y o f th e o u t s t a n d i n g P r e f e r r e d a n d C o m m o n
“ 1. Tlie acquisition of real estate, or the construction o f buildings or
structures, or the acquisition, by purchase or construction, of plant and
S to c k h a s b e e n d e p o site d u n d e r a V o t in g T r u s t A g r e e m e n t
equipment; any such acquisition or construction m ay be by or for account
w it h M e s s r s . J a m e s N . W a l l a c e , F r e d e r i c k S t r a u s s , J a m e s J .
of the Company or by or for account of any of the subsidiary companies.
“ 2. The purchase by the Company of the Capital Stock and the bonds,
S to rro w , W in . C . D u ra n t an d A . N . B r a d y , V o tin g T ru ste e s.
notes or other Indebtedness of other corporations, provided that not less
T h e o u t s t a n d i n g C a p it a l S t o c k is f u l l y p a i d a n d n o p e r s o n a l 1 than a m ajority o f the entire outstanding stock of every such corporation
l i a b i l i t y a t t a c h e s t o it s o w n e r s h i p .
shall then be pledged under this Indenture or shall be thereby obtained.
“ 3. The provision of cash working capital or other corporate pur­
D iv id e n d s o f 7 P e r C e n t p e r a n n u m h a v e b e e n p a id o n th e
poses.’
P r e f e r r e d S t o c k s in c e t h e o r g a n i z a t i o n o f t h e C o m p a n y
S e p t e m b e r 16 1 9 0 8 .
T h e l a s t s e m i - a n n u a l d i v i d e n d o f '.iy
T h e n o t e s a r e s e c u r e d b y a fir s t lie n u p o n F i r s t M o r t g a g e
P e r C e n t w a s p a id A p r i l 1 1 9 1 1 , a n d t h e r e a r e n o a c c u m u l a t e d
N o t e s a n d s t o c k s p le d g e d w it h C e n t r a l T r u s t C o m p a n y ,
u n p a id d i v i d e n d s .
N o c a s h d i v i d e n d s h a v e a s y e t b e e n p a id
T r u s t e e , in c l u d in g t h e f o l l o w i n g , w h ic h c o n s t i t u t e t h e e n t ir e
o n th e C o m m o n S t o c k .
in t e r e s t o f t h e G e n e r a l M o t o r s C o m p a n y in t h e n a m e d s u b ­
T h e m a x i m u m a u t h o r i z e d is s u e o f t h e s e 6 P e r C e n t F ir s t
s id ia r y c o m p a n i e s e n g a g e d i n , o r d i r e c t l y c o n n e c t e d w i t h ,
L ie n N o t e s is $ 2 0 , 0 0 0 , 0 0 0 , o f w h ic h $ 1 5 , 0 0 0 , 0 0 0 a r c n o w
th e m o t o r c a r m a n u f a c t u r i n g i n d u s t r y .
( F o r c o n v e n ie n c e
is s u e d a n d o u t s t a n d i n g .
T h e r e m a in in g $ 5 ,0 0 0 ,0 0 0 a re
a b r ie f d e s c r ip t io n o f t h e s e c o m p a n i e s , t h e t o t a l s e c u r itie s ,
r e s e r v e d , u n d e r th e c o n d i t i o n s s p e c ifie d in A r t i c l e T w o ,
th ereo f a u th o rize d
and
o u ts ta n d in g ,
and
th e
a m o u n ts
S e c t i o n 3 , o f t h e D e e d o f T r u s t , f o r th e f o llo w i n g p u r p o s e s :
p le d g e d t o s e c u r e t h e s e n o t e s a r e s h o w n .)




54

THE CHRONICLE

[V O L . L X X X X I 1 I.

Incorporation.
Under
Laws o f

Name o f Company.

Michigan
Michigan
Michigan
Michigan
Michigan
Ohio
Michigan
Michigan
Michigan
Illinois
Michigan
Michigan
Michigan
Michigan
Michigan
Michigan
Michigan
Michigan
Michigan
Province
o f Ontario
Michigan

General Motors Co. o f M ic h ig a n ___
Bulck M otor Co ___________________
Cadillac M otor Car C o m p a n y ______
Olds M otor W orks _________________
Oakland M otor Car C o m p a n y ______
Elm ore Manufacturing C o __________
Cartercar Company ________________
N orthway M otor & Mfg. C o _______
Marquette M otor C o________________
Randolph M otor Car C o m p a n y ____
R apid M otor Vehicle C o m p a n y -----Reliance M otor Truck Com pany —
The W elch Company of D e t r o it ____
W elch M otor Car Com pany -----------Champion Ignition C o m p a n y ---------Jackson-Church-W llcox C o -------------Michigan A uto-Parts C o m p a n y ____
Michigan M otor Castings C o _______
Oak Park Pow er C o m p a n y _________
The McLaughlin M otor Car C o., Ltd
W eston-M ott C o m p a n y ____________

Date o f Origi- Duration
nal Charter, o f Charter.

Principal Business.

Location
of
M ain Office.

1909
1904
1905
1899
1907
1909
1905
1905
1909
1908
1904
1908
1909
1904
1908
1906
1909
1907
1906

Owner o f m otor car factories and patents
M otor car manufacturing
M otor car manufacturing
Motor car manufacturing
Motor car manufacturing
M otor car manufacturing
M otor car manufacturing
Motors and parts
M otor car manufacturing
Motor car manufacturing
M otor car manufacturing
M otor car manufacturing
M otor car manufacturing
Alotor car manufacturing
Electric Ignition equipment
Machinery and supplies
Machinery and autom obile parts
Castings, engines and machinery
Power generating

Detroit, Mich.
Flint, Mich.
Detroit, Mich.
Lansing, Mich.
Pontiac, Mich.
Clyde, Ohio.
P ontiac, Mich.
Detroit, Mich.
Saginaw, Mich.
Chicago, Ills.
Pontiac, Mich.
Owosso, lllc h .
Detroit, Mich.
Pontiac, Mich.
Flint, Mich.
Saginaw, Mich,
Detroit, Mich.
Flint, Mich.
Flint, Mich.

M otor car m anufacturing
A utom obile parts

Oshawa, Out.
Flint, Mich.

D ec. 28
Jan. 30
O ct. 27
May 9
A ug. 28
O ct. 20
Sept. 26
June 8
Mch. 16
Dec. 11
N o v . 30
May 19
June 10
Feb. 26
O ct. 26
April 18
Jan. 28
O ct. 23
A ug. 16

N ov. 20 1907
June 23 1906

30 year
30
30
30
99
30
30
30
30
30
30
30
30
30

year
year
year
year
year
year
year
year
year
year
year
year
year

30 years

Preferred Stock.

Mortgage Debt.
N om e o f Company.

Authorized.

Issued.

O f which
there are
pledged to Authorized.
secure these
Notes.

General Motors Co. o f M ich ig a n _______ $20,000,000 $13,300,000 $13,300,000
Bulck M otor Company ._ _____________
None
None
None
Cadillac M otor Car Company __________
None
None
None
Olds M otor W o r k s __________ __________
None
None
None
Oakland M otor Car C o m p a n y __________
None
None
None
Elmore Manufacturing C om pany_____ _
None
None
None
Cartercar C o m p a n y ____________________
None
None
None
Northway Motor A Mfg. Co . . ________
None
None
None
Marquette Motor C o m p a n y ______ ______
None
None
None
Randolph Motor Car C o m p a n y _________
None
None
None
Rapid Motor Vehicle Company _____
None
None
None
Reliance Motor Truck C o m p a n y -----------None
None
None
'File Welch Company o f D e tro it.. _____
None
None
None
Welch M otor Car C o m p a n y ------------------None
None
None
Champion Ignition Company
___ ____
None
None
None
Jackson-Church-W llcox Co
______ __
None
None
None
Michigan A uto-Parts C o m p a n y _________
None
None
None
Michigan M otor Castings Co ___________
None
None
None
Oak Park Power Company
...........
_.
None
None
None
The McLaughlin M otor Car C o., Ltd . . .
None
None
None
W eston-M ott Company ________________
None
None
None
Totals, par v a lu e __________________

....

$13,300,000 $13,300,000

The
S 1 3 ,: 5 0 0 , 0 0 0
M o rtg a g e
debt
above
s p e c ifie d a s
“ p l e d g e d t o s e c u r e t h e s e n o t e s " is a n is s u e o f S i x P e r C e n t
F ir s t M o r t g a g e F i v e - Y e a r G o l d N o t e s o f t h e G e n e r a l M o t o r s
C o m p a n y of
M ic h ig a n
(a
su b s id ia r y
c o m p a n y ),
d a te d
O c t o b e r l 1 0 1 0 , s e c u r e d b y a F ir s t M o r tg a g e to th e C e n tra l
T r u s t C o m p a n y o f N e w Y o r k , a s T r u s t e e , u p o n a ll l a n d s ,
p l a n t s a n d e q u i p m e n t , p a t e n t s , & c . , w h ic h t h e C o m p a n y
th e n o w n e d
o r s h o u ld t h e r e a f t e r a c q u i r e .
P r i o r t o th e
e x e c u t i o n o f t h i s M o r t g a g e a ll re a l e s t a t e , p l a n t s , o t h e r f ix e d
a s s e ts a n d p a t e n t s o f th e B u ic k , C a d illa c , O ld s , O a k la n d ,
E lm o r e , N o r th w a y ,
M a rq u e tte ,
R a p id
M o to r , R e lia n c e ,
W e lc h o f D e t o it , W e lc h M o to r C h a m p io n I g n it io n , J a c k s o n C h u r c h -W ilc o x , M ic h ig a n M o to r C a s tin g s a n d O a k P a r k
P o w e r C o m p a n ie s h a d b e e n c o n v e y e d to th e G e n e ra l M o to r s
C o m p a n y o f M i c h i g a n , s o t h a t , t h r o u g h t h e p le d g e o f th e s e
$ 1 3 , 3 0 0 , 0 0 0 F i r s t M o r t g a g e N o t e s w it h t h e T r u s t e e , t h e S ix
P e r C e n t F ir s t L ie n N o t e s a r e se c u re d b y a F ir s t M o r tg a g e
u p o n a ll t h o s e p r o p e r t i e s , a s w e ll a s b y a fir s t lie n u p o n t h e
C a p ita l S t o c k s n a m e d .
T h e S ix P e r C e n t F ir s t L ie n N o t e s m a y , a t th e e le c tio n o f
t h e C o m p a n y , b o p a i d o ff a n d r e d e e m e d a t t h e o f f i c e o r
a g e n c y o f t h e C o m p a n y in t h e C i t y o f N e w Y o r k , in w h o le
b u t n o t in p a r t , e x c e p t t h r o u g h t h e s i n k i n g f u n d , o n a n y
h a lf-y e a r ly in te r e st d a y , a t a p r e m iu m o f T w o a n d O n e -H a lf
P e r C e n t , u p o n n o t i c e b y p u b l i c a t i o n in t w o d a i l y n e w s p a p e r s
o f g e n e r a l c i r c u l a t i o n in t h e B o r o u g h o f M a n h a t t a n , N e w
Y o r k C i t y , a n d in t w o d a i l y n e w s p a p e r s o f g e n e r a l c i r c u l a t i o n
in t h e C i t y o f B o s t o n , M a s s ., t w ic e a w e e k f o r e ig h t s u c c e s s iv e
w e e k , , t h e fir s t p u b l i c a t i o n t o b e n o t le s s t h a n s i x t y d a y s
n o r m o r e th a n n in e t y d a y s p rio r to th e d a te o f r e d e m p tio n ,
a n d b y m a i l i n g n o t i c e s t o r e g i s t e r e d h o ld e r s a t le a s t s i x t y
d a y s p r io r to th e d a t e o f r e d e m p tio n .
A n a n n u a l c a s h s i n k i n g f u n d is t o b e p a i d t o t h e T r u s t e e
o n o r b e fo r e O c t o b e r 1 o f e a c h y e a r , a s fo llo w s : $ 1 ,5 0 0 ,0 0 0
in 1 9 1 1 , $ 1 , 5 0 0 , 0 0 0 in 1 9 1 2 , $ 2 , 0 0 0 , 0 0 0 in 1 9 1 3 , $ 2 , 0 0 0 , 0 0 0
in 1 9 1 4 .
T h e s e s i n k i n g f u n d p a y m e n t s m a y b e in c r e a s e d a t t h e
o p t io n o f th e C o m p a n y .
T h e s i n k i n g f u n d is t o b e a p p l i e d b y t h e T r u s t e e t o th e
p u r c h a s e o f t h e n o t e s in t h e o p e n m a r k e t a t a p r ic e n o t
e x c e e d in g 1 0 2 ^
a n d a c c ru e d in te r e s t, o r b y d ra w in g n o te s
so fa r a s n o t th u s p u r c h a s a b le .
S u c h d r a w in g s are to b e
m a d e b y l o t n o t le s s t h a n t e n w e e k s p r i o r t o t h e in t e r e s t d a y
o n w h ic h t h e n o t e s t h u s d r a w n a r e c a ll e d fu r r e d e m p t i o n ,
d u e p u b l i c a t i o n a n d n o t ic e o f s u c h c a ll t o b e m a d e in t h e s a m e
m a n n e r a s in c a s e o f t h e c a ll o f t h e e n t i r e is s u e .
A ll n o t e s
a c q u i r e d f o r t h e s i n k i n g f u n d a r c t o b e c a n c e le d
b y th e
T ru ste e ,
I n t h e e v e n t o f d e f a u l t in t h e p a y m e n t o f i n t e r e s t o r
s i n k i n g f u n d , o r in t h e o b s e r v a n c e o f a n y o t h e r c o v e n a n t s
o f t h e C o m p a n y c o n t a i n e d in t h e D e e d o f T r u s t o r n o t e s ,
c o n tin u in g fo r 3 0 d a y s , th e T r u s te e m a y , a n d , u p o n re q u e st
o f a m a j o r i t y in a m o u n t o f t h e n o t e s t h e n o u t s t a n d i n g s h a l l ,
d e c la r e t h e p r i n c ip a l o f a ll o u t s t a n d i n g n o t e s t o b e d u e a n d
p a y a b le im m e d ia t e ly , a n d
t h e s a m e w ill t h e r e u p o n
be
I m m e d ia te ly d u e a n d p a y a b le .




Issued.

None
$600,000
None
None
None
None
50,000 '
None
None
None
None
None
None
None
None
None
None
None
None
None
None
....

Common Stock.

O f which
there are
pledged to Authorized.
secure these
Notes.

None
$500,000
None
None
None
None
50,000
None
None
None
None
None
None
None
None
None
None
None
None
None
None

None
$500,000
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None

$100,000
2,000,000
1,500,000
4,000,000
800,000
600,000
600,000
1,000,000
800,000
500,000
500,000
500,000
500,000
250,000
100,000
250,000
300,000
100,000
200,000
1,200,000
1,500,000

$550,000

$500,000

....

O f which
there are
pledged to
secure these
Notes.

Issued.

$100,000
2,000,000
1,500,000
3,132,390
800,000
600,000
557,720
725,000
800,000
399,400
500,000
481,493
275,000
250,000
100,000
2 10,000
300,000
100,000
200,000
1,003,000
1,500,000

$100,000
2,000,000
1,500,000
3,132.390
800,000
600,000
552,720
725,000
793,000
299,400
500,000
474,223
275,000
250,000
75,000
240,000
300,000
100,000
133,000
500,000
747,000

515,564,003 $14,096,733

T h e D e e d o f T r u s t p r o v i d e s t h a t , w h ile a n y o f t h e s e n o t e s
are o u ts ta n d in g ,
n o n e o f s a id s u b s i d i a r y
c o m p a n ie s , a
m a j o r i t y o f w h o s e C a p i t a l S t o c k is p l e d g e d t h e r e u n d e r , s h a ll
m o r t g a g e i t s p r o p e r t i e s o r m a r k e t o r d is p o s e o f a n y b o n d s ,
n o te s o r o th e r e v id e n c e s o f in d e b te d n e s s m a tu r in g th r e e
m o n t h s o r m o r e f r o m d a t e , u n le s s a ll s u c h M o r t g a g e o r o t h e r
i n d e b t e d n e s s is s i m u l t a n e o u s l y a c q u i r e d b y t h e G e n e r a l
M o o r s C o m p a n y a n d p le d g e d w it h t h e T r u s t e e a s f u r t h e r
s e c u r i t y f o r t h e s e n o t e s ; t h a t , if a n y s u c h C o m p a n y s h a ll
in c u r a n y i n d e b t e d n e s s o t h e r t h a n f o r c u r r e n t o p e r a t i n g
e x p e n s e s , o r s h a ll fa il t o p a y i n d e b t e d n e s s in c u r r e d f o r
c u rr e n t o p e r a tin g e x p e n s e s , th e n G e n e ra l M o to r s C o m p a n y
w ill p a y o r a c q u i r e t h e s a m e ; a l s o t h a t n o n e o f s u c h s u b ­
s id i a r y c o m p a n i e s s h a ll is s u e a n y s t o c k h a v i n g p r e f e r e n c e o r
p r i o r i t y o v e r t h e s t o c k n o w p l e d g e d ; a l s o t h a t , if a n y C o m ­
p a n y , s t o c k o f w h ic h is p l e d g e d u n d e r s a id D e e d o f T r u s t ,
in c r e a s e s t h e p r e s e n t a m o u n t o f it s s t o c k , t h e G e n e r a l M o t o r s
C o m p a n y m u s t a c q u ir e a n d p le d g e , a s fu r th e r s e c u r ity fo r
t h e s e n o t e s , s u c h p r o p o r t i o n a t e a m o u n t o f s u c h in c r e a s e d
s o c k a s s h a ll b e r e q u i r e d t o p r e s e r v e t h e p e r c e n t a g e o f t h e
w h o le n o w h e l d ; a l s o t h a t , w h ile a n y o f t h e s e n o t e s a r e
o u t s t a n d i n g , t h e C o m p a n y w ill n o t d i s t r i b u t e in c a s h d i v i ­
d e n d s o n its C o m m o n S t o c k m o r e th a n o n e -h a lf o f th e n e t
p r o fi t s s u b s e q u e n t t o O c t o b e r 1 1 9 1 0 a p p l i c a b l e
to su ch
d iv id e n d s , a n d t h a t th e n n e t q u ic k a s s e ts o f th e C o m p a n ie s ,
a s c a r e f u l l y d e f i n e d , m u s t a l w a y s e q u a l a t le a s t O n e H u n ­
d re d a n d T h ir t y -T h r e e a n d O n e -T h ir d P e r C e n t o f th e
a m o u n t o f t h e s e n o t e s o u t s t a n d i n g p lu s a n a m o u n t e q u a l
t o t h e t o t a l c a s h d i v i d e n d s , if a n y , p a i d o n t h e C o m m o n
S to c k .
GEN ERAL

M OTORS

COM PANY.

C O N SO L ID A T E D P R O F IT AN D LOSS ACCOUNT OF S U B S ID IA R Y
COM PAN IES SP E C IF IE D IN SCH E D U LE " A ” F O R Y E A R
E N D ED SE P T E M B E R 10 1910*.
General Motors C o ' s .
stockholding
proportion.
$12,426,813 46

Total.
Gross p rofit............- ---------- -------------------------.$13,209,303 68
From which deduct - ­
Selling, administrative and general exp.. 2,493,365 12

2,388,221 13

Operating p rofit------------------------- ------- $10,715,938 56
Add other in co m e ....... .................
374,825 16

$10,038,092 33
322,648 97

$11,090,763 72
141,372 53

$10,361,241 30
415,885 40

Net profit------ ----------------------------------------- $10,619,391 19

$9,945,355 90

Deduct interest charges_________

.

• The fiscal year of General Motors Company and m ost of Its Subsidiary
Companies ends on Septem ber 30. The fiscal year of a com paratively small
number of the companies ends at various dates between June 30 and Septem­
ber 30. The above com bined figures cover the last fiscal year for each of the
com panies.
C o n d e n s e d C o n s o lid a te d B a la n c e S h e e t o f th e G e n e r a l
M o to r s C o m p a n y a n d S u b s id ia r y C o m p a n ie s d ir e c tly c o n ­
n e c te d w ith th e m a n u fa c tu r e o f its c a r s , p a r t s , & c ., a s a t
O c to b e r 1 1 9 1 0 :

Ju l y 1 1911. i

THE CHRONICLE

■
Assets.
'
F ixed assets—
.
.
Real estate, plants and equipm ent_______________________ $14,094,000
Patents, agreements, & c -__________________________________
1,959,410
Miscellaneous Investments_______ __________________________
408,944
Current and working assets— Cash In banks and on hand________________$15,000,473 00
Notes and accounts receivable____________
4,090,028 81
•
Deferred charges_________________________
107,302 10
In v e n to rie s ............................... ......................... 19,802,483 27
„
,
..
.
, , —-------------------- - 39,000,287
Good-will, representing excess of appraised value over book
value o f stocks of subsidiary companies ow n ed.................... 14,853,855

55
30
07

90
91

$70,317,413 73
Liabilities.

Capital Stock—
Preferred Stock (authorized, $20,000,000)
Issu ed .................
$18,038,400 00
1,882,000 00
Less In treasury of General Motors C o____
Less In treasury of subsidiary com p a n ies.. 1,093,100 00
$14,403,300 00
Common Stock (authorized, $40,000,000)
Issued----------------------------------------$19,874,030 00
Less held In treasury of General Motors C o. 3,730,500 00
Less held In treasury of subsidiary com panies
318,500 00
15,825,030 00

55

C o n d e n s e d C o n s o lid a te d B a la n c e S h e e t o f th e C o m p a n y
a n d s u b s i d i a r i e s li s t e d in S c h e d u l e “ A " a s a t M a r c h 3 1 1 9 1 1 :

Assets.
Fixed assets—
Real estate, plant and equipm ent...................... ..................... $15,253,870 97
Patents, agreements, &c.......................................... ........................ 1 815,719 86
Miscellaneous investments___________________________________
506,140 67
Current and working asets—
Cash In banks and on hand________________ $3,718,521 42
4,230,347 23
Notes and accounts receivable......................
Deferred charges___________________________
40,970 89
Manufactur d products finished or In process,
materials and supplies......... .......... ............. 23,860,278 80
r.
. ...
------------------------• 31,850,122 34
uooa-w lll, representing excess of appraised value over book
value o f stocks o f subsidiary companies ow ned___________ 14,853,855 91
$64,279,709 75
Liabilities.
Capital Stock—
Preferred, Issued.............................................$18,038,400 00
Less in treasury—
General Motors C o.................... $1,882 000
Less In treasury—
3,616,100 00
Subsidiary com panies_________ 1,734,100., -------------------- $14,422,300 00
Common I s s u e d ................................................. $19,874,030 00
Less In treasury—
General Motors C o ..................$3,728,500
Less_ in treasury—
( 4,050,400 00
T7i£tbT d K c o m p a n ie s ............
321,900]------------------------ 15,823,630 00
1 Irst Lien Five-Y ear Sinking Fund 6% Gold N o te s ............... 15,000,000 00
Outstanding Capital S to ck _______ ________$1,510,270 00
Surplus to sam e-------------------------------- --------- 1,216,239 49

StiO 288 8,30 00
First Lien Five-Year Sinking Fund 6 % Gold N otes.
l s ’ ooo’ ooo 00
Outstanding Capital Stock (par value) and surplus of suiv
’
sldlary com panies, being the portion not owned by
General Motors Company—
Capital S tock ...............
$1,495,520 00
S u r p lu s ----------------------724,341 40
Current liabilities—
2,219,861 10
Notes and accounts payable____________ $14,089,016 25
Notes and accounts p a y a b le ...........
Mortgages payable____ _______
180,500 00
„
14,209,516 25
Reserves...............................................................................................
7,189,917 01 surp lus............................................................. .....................................
Surplus.............................................................................................
1,349,789 07

6 ’ 508’ l8 5 81
2,797,493 92
$64,279,709 75

$70,317,413 73
S c h e d u le “ A ” — L i s t o f h o l d i n g s in S u b s i d i a r y C o m p a n i e s
d i r e c t l y c o n n e c t e d w it h t h e m a n u f a c t u r e o f c a r s , p a r t s , & c .,
a s a t S e p te m b e r 3 0 1 9 1 0 :

Capital Stock.
Company—
Par Value.
Hulok Motor Co. ($500,000 Preferred and $2,000,000 Common) .$2,,500,000
Cadillac Motor Car C o________ ______________ .
1,500.000
Cartercar C om pany__________________ ____
.
.
’552,’720
Champion Ignition C om pany______ _____ . . I I I ” ” "
.
3o!750
The Elmore Manufacturing C om pany................................ . . . . . . .
600,000
Jackson-Church-VVllcox C o m p a n y ............... ......... .
2 10,000
Marquette Motor C om pany______________ _____ _
___
800,000
300,000
Michigan A uto-Parts C om pany____ _____________ ______________
Michigan M otor Castings C om p a n y .- . _....... ................ .......... ...........
100,000
Northway Motor & Manufacturing C om pany..............................
725,000
Oakland Motor Car C om pany..... ...................... ........ .......... ...............
SOOfiiOO
Olds Motor W o r k s .._____ _________ ________________ _
__
3,132 390
Randolph Motor Car C om pany..... ................
.
299 -100
The Rapid Motor Vehicle Company of Detroit
. . .
5CKL000
Reliance Motor Truck C om pany____ __________
474 ’ 23
The Welch Company of D etroit_______
_
275'000
Welch Motor Car C om pany___________
______’ 50 000
Oak Park Power C om pany. . . . . _____ . . . . .
""
_
133 000
General Motors Company of M ich ig a n ._______ I I .
’
lo o 'o o o
The McLaughlin Motor Car Company, Ltd
.................... “
aoo’ nno
W eston-M ott C om pany_________________________ 747I000
T h e f o l l o w i n g f in a n c ia l s t a t e m e n t s f o r t h e s i x m o n t h s
e n d e d M a r c h 3 1 1 9 1 1 , w h e n m a n u f a c t u r e is in p r o c e s s a r e
s u b m it t e d , s u b je c t to su c h a d ju s t m e n t s a s m a y b e n e c e ssa ry
a t t h e c lo s e o f t h e fis c a l y e a r ( S e p t e m b e r 3 0 1 9 1 1 ) w h e n th e
i n v e n t o r i e s a r e t a k e n a n d t h e c lo s i n g e n t r i e s m a d e in th e
a c c o u n t s f o r t h o e n t i r e fis c a l y e a r .
G EN ERAL

M OTORS

$3,245,573 90
182,166 07

$2,761,324 53
170,713 77

„
D1 „
„
$3,427,739 97 $2,932,038 30
Deduct Interest on Six Per Cent Five-Year
Sinking Fund N o te s .----------------------450,000 00
450.000 00
Surplus, six m onths....... ................. .................$2,977,739
SU R PLU S ACCOUNT.
Surplus O ctober 1 1 9 1 0 ...................... ................. $1,349,789
Surplus six months ended March 31 1911
2,482 038
Add other Incom e____________________________
183,816
Deductions—
Preferred Stock dividends for one year. 7 % .
Sundry charges______ __________ __________
Surplus March 31 1911............... ..........................

97

$2,482,038 30

07
30
32

A g e n c y fo r p a y m e n t o f in te r e s t on
T ru st C om pan y of N ew Y o rk .

th ese

n o te s,

$2,797,493 92

Incorp. I11 Ohio In August 1894, to manufacture sheet Iron and steel
roofing— particularly a form patented by John O. Pew, tho present VlcePrest. and G*n. Man. In 1961 the erection of a sheet mill was deemed
necessary and subsequently other additions. Further additions being
com pleted which will double the present capacity (sec “ Iron Ago” o f N. Y .
Dec. 1 1910). W e now manufacture black and galvanized sheet Iron and
steel, corrugated roofing, expanded and sheet metal lath, expanded m etal
for concrete reinforcement, sheet metal studding, pressed steel parts for
agricultural machinery. &c.
The word “ roofing” In tho name being now
mlsteadlng was recently dropped. Capital stock auth. and issued, $1,200,­
000, all com m on, par of shares. $100. (Bonds or mortgage It Is under­
stood, none.) L. E. Cochran Is Prcst: John O. Pew V -P re s & Gen Man •
O. A . Cochran, Sec. and Mason Evans, Treas.— V. 91. p. 1578.
’

— T h e C a n a d i a n R a i l w a y S e c u r i t ie s & L a n d s C o r p o r a t io n
C h ic a g o a g e n c y F ir s t N a t . B a n k B l d g ., C h ic a g o , is o ffe r in g
a t 1 0 3 a li m i t e d a m o u n t o f th e § 1 5 , 0 0 0 , 0 0 0 in c o m e c h a r g e
c o n v e r t i b le d e b e n t u r e s t o c k o f th e C a n a d i a n N o r t h e r n R y .
— U l e n & C o . , C h ic a g o , a r e o f f e r in g a n a t t r a c t i v e li s t o f
m u n ic i p a l b o n d s , y i e ld i n g in s o m e in s t a n c e s a s h ig h a s s ix
p er c e n t. S ee a d v e r tis e m e n t on a n o th e r p a g e .

C en tra l

R e g is tr a r o f n o te s, C en tra l r T u s t C o m p a n y o f N e w Y o r k .
T h e m a i n o f f ic e o f t h e C o m p a n y is in D e t r o i t , M ic h ig a n .
D a t e o f a n n u a l m e e t i n g o f S t o c k h o l d e r s , t h ir d T u e s d a y in
N o v e m b e r , a t p r in c ip a l o f f i c e o f C o m p a n y , J e r s e y C i t y , N . J .
F is c a l y e a r e n d s S e p t e m b e r 3 0 .
O ffic e r s — P r e s id e n t, T h o m a s N e a l; V ic e -P r e s id e n ts , W . C .
D u r a n t , W . J . M e a d , E m o r y W . C la r k ; S e c r e t a r y , S t a n d i s h
B a c k u s ; T re a su r e r, J a m e s T . S h a w ; C o m p tr o lle r , C . A .
M agee.
W

D ir e c t o r s — J o s e p h B o y e r , A . N . B r a d y , E m o r y W . C l a r k ,
C . D u r a n t , A n d r e w H . G r e e n , J r ., J . I I . M c C le m e n t s ,

E d w in D . M e tc a lf, M . J . M u r p h y , T h o m a s N e a l, J a m e s J .
S to r r o w , A lb e r t S tr a u ss, N . L . T iln e y , J a m e s N . W a lla c e ,
J acob W e r th e im .
F in a n c e C o m m it t e e — E m o r y W . C la r k , W . C . D u r a n t ,
M . J . M u r p h y , T h o m a s N e a l, J a m e s J . S to r r o w , A lb e r t
S tra u ss, A n d rew H . G reen J r.
GENERAL

M OTORS
By

COM PANY,

THOM AS

N EAL,

President.

T h e C o m m itte e o n S to c k
L is ts r e c o m m e n d s th a t th e
a b o v e - d e s c r i b e d § 1 5 , 0 0 0 , 0 0 0 S i x P e r C e n t F ir s t L ie n F i v e Y e a r S in k in g F u n d C o u p o n N o t e s , d u e 1 9 1 5 , N o s . 1 to 1 5 , 0 0 0
in c lu s iv e , fo r $ 1 ,0 0 0 e a c h , b e a d m it t e d to th e lis t.
W M .

1.218,149 77

YTo r k

T h a t it w ill m a i n t a i n a n o f f ic e in N e w Y o r k C i t y f o r t h e
r e g i s t r a t io n o f th e s e n o t e s a n d t h e p a y m e n t o f p r in c ip a l a n d
in te re s t th e re o f.

$4,015,643 69
$890,267 00
327,882 77

Y o u n g s t o w n ( O .) I r o n & S t e e l C o . — Status.— S e c r e t a r y
C . A . C o c h r a n , w r it i n g o n D e c . 1 1 9 1 0 , s a i d :




th e N e w

T h a t it w ill n o t d is p o s e o f i t s i n t e r e s t in a n y o f t h e a b o v e ­
n a m e d s u b s i d i a r y c o m p a n i e s , o r a l lo w a n y s u c h s u b s i d i a r y
c o m p a n y t o d is p o s e o f i t s in t e r e s t s in o t h e r c o m p a n i e s ,
e x c e p t o n d ir e c t a u t h o r i z a t i o n o f S t o c k h o l d e r s .
l h a t it w ill p u b li s h a t le a s t o n c e a y e a r a n d s u b m i t t o
t h e S t o c k h o ld e r s a t t h e a n n u a l m e e t i n g o f t h e C o m p a n y a
d e t a i le d s t a t e m e n t o f it s p h y s ic a l a n d fin a n c ia l c o n d i t i o n ,
a n I n c o m e A c c o u n t c o v e r in g t h e p r e v i o u s fis c a l y e a r , a n d a
B a la n c e S h e e t s h o w i n g a s s e t s a n d l i a b ili t ie s a t t h e e n d o f
th e y e a r ;

COM PANY.

P R O F IT AN D LOSS STA TE M E N T OF G E N E R A L
M9APr1,^ r 9 ° - A N D S U B S ID IA R Y COM PAN IES SP E C IF IE D IN
SCH E D U LE “ A ” FO R S IX MONTHS E N D ED MARCH 31 1911.
Gen. Motors Co's,
stockholding
„
Total.
proportion.
Gross p r o fit ..
.................... ..........................$4,387.968 30 $3,829,541 78
Selling, administrative and general e x p en se.. 1,142,394 40
1,068,217 25
Operating profit.......................................
Add other Incom e.........................................

T h e G en era l M o to r s C o m p a n y a g re e s w ith
S t o c k E x c h a n g e a s f o llo w s :

W .

H EATON,

Chairman.

A d o p t e d b y th e G o v e r n i n g C o m m i t t e e J u n e 2 8
GEORGE

W . E LY,

1911.

Secretary.

— T h e o d o r e E . T a c k J r. a n d N o r m a n B . C o ste r h a v e fo rm e d
a p a r t n e r s h i p u n d e r t h e fir m n a m e o f C o s t e r & T a c k , a t 5 2
B r o a d w a y , t h i s c i t y , t o d e a l in b o n d s , s t o c k s a n d i n v e s t m e n t
s e c u r i t ie s .
— J a m e s M . R h e t t , f o r m a n y y e a r s a s s o c i a t e d w it h R . L .
D a y & C o . , h a s s e v e r e d h is c o n n e c t i o n w it h t h a t f ir m in
o r d e r t o a c c e p t a p la c e w it h th e r e c e n t ly f o r m e d F e d e r a l
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— H . T . H o l t z & C o . , C h ic a g o , a r e a d v e r t i s i n g in t h i s is s u e
a lis t o f m u n ic i p a l a n d c o r p o r a t i o n b o n d s , s o m e o f t h e la t t e r
a t p r ic e s t o y i e ld 6 % .
S p e c ia l c ir c u la r s g i v i n g d e t a i le d i n ­
f o r m a t i o n w ill b e fu r n i s h e d o n r e q u e s t .
. : — A t t e n t i o n is in v i t e d t o t h e li s t o f i n v e s t m e n t b o n d s
a d v e r t i s e d in a n o t h e r c o lu m n b y C . E . D e n is o n & C o . ,
B o s t o n a n d C le v e la n d .
— U lm a n & C o ., 3 0 N e w S tr e e t, h a v e o p e n e d b ra n ch
o f f i c e s a t N e w p o r t , N a r r a g a n s e t t P ie r a n d W a t c h H i l l .

56

THE CHRONICLE

— T h e J u ly in v e s t o r s h o u ld g iv e c a re fu l c o n s id e r a tio n to
t h e i n t e r e s t i n g f a c t s i n t h e a d v e r t i s e m e n t p u b li s h e d in t h is
is s u e o f t h e “ C h r o n i c l e ” b y B e r t r o n , C r i s c o m & J e n k s , 4 0
W a ll S t . , N . Y . , a n d th e L a n d T itle B u ild in g , P h ila d e lp h ia .
T h e b a n k e r s e n d e a v o r t o d ir e c t s p e c ia l a t t e n t i o n t o t h e
“ S t a b i l i t y a n d g r o w t h in t h e e a r n in g s o f p u b li c s e r v i c e c o r ­
p o r a t i o n s , ” a n d c o n t r a s t t h e g r o s s a n d n e t e a r n in g s o f t h e
e le c tr ic r a ilw a y s w ith th e s te a m r a ilw a y s o f th e c o u n t r y
d u r in g th e y e a r fo llo w in g th e 1 9 0 7 p a n ic a n d s in c e .
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c o m p l e t e f ig u r e s a r e n o t o b t a i n a b l e o n t h e g a s a n d e l e c t r i c l i g h t c o m p a n i e s o f t h e c o u n t r y , t h e b a n k e r s b e li e v e t h a t t h e
e a r n i n g s o f t h e l a t t e r s h o w e d e v e n la r g e r in c r e a s e s t h a n t h o s e
o f t h e e le c t r i c r a ilw a y s d u r in g t h e s a m e y e a r s r e f e r r e d t o .
B e r t r o n , C r is e o m & J e n k s h a v e m a d e a s p e c ia lt y o f s u p p ly in g
c a r e f u l l y s e le c t e d p u b li c s e r v i c e c o r p o r a t i o n b o n d s t o i n v e s t ­
o r s o f c o m p a n i e s w h ic h t h e y o p e r a t e a n d c o n t r o l in t h e r e p ­
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m o r t g a g e s a n d le g a l o p i n i o n s w ill a l s o b e m a i l e d u p o n r e q u e s t .
— F o r t h e J u ly 1 s t i n v e s t m e n t d e m a n d , H a r r i s , F o r b e s &
C o ., su c c e sso rs to N . W . H a r r is & C o . o f N e w Y o r k , are to ­
d a y a d v e r t i s i n g in t h e “ C h r o n i c l e ” a n e x t e n s i v e li s t o f s e le c t e d
m u n i c i p a l , r a ilr o a d a n d c o r p o r a t i o n b o n d s , w h ic h a t t h e p r i c e s
o ffe re d y ie ld th e p u r c h a s e r fr o m 3 . 9 0 % t o 5 . 3 0 % .
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a n i n v e s t m e n t r e t u r n a s is c o n s i s t e n t w it h s a f e t y o f p r i n c i p a l .
T h e f ir m i n v i t e s c o r r e s p o n d e n c e a n d w ill b e g l a d t o f u r n i s h
d e t a i l e d i n f o r m a t i o n in r e g a r d t o a n y o f t h e a d v e r t i s e d i n v e s t ­
m e n t b o n d s li s t e d a n d a l s o 1 0 0 o t h e r i s s u e s o f b o n d s w h ic h
th e y o w n .
A d d r e s s H a r r i s , F o r b e s & C o . , P in e S t . , c o r n e r
W i ll i a m , N e w Y o r k , o r N . W . H a r r is & C o ., I n c ., B o s t o n , or
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S t . H o n o r e u n t il t h e p e r m a n e n t o f f i c e s a t 5 R u e D a u n o u
are r e a d y fo r o c c u p a tio n .
— T h e D o m in io n S e c u r itie s C o r p o r a tio n , L t d ., o f T o r o n t o ,
h a s p r e p a r e d in p a m p h l e t f o r m t h e ir q u a r t e r l y li s t o f b o n d
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in d u s t r i a l is s u e s .
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s e p a r a t e p a g e , w it h f u ll p a r t i c u l a r s r e g a r d i n g d e b t , v a l u a t i o n ,
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in 1 9 0 4 , a n n o u n c e s a s e c o n d v o l u m e t o b e r e a d y in A u g u s t .
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r a in s h a v e h e lp e d t h e n e w c r o p in m a n y s e c t i o n s o f t h i s c o u n ­
try .
S u m a t r a h a s s h o w n li t t l e n e w f e a t u r e ; t h e q u a l i t y isa d m i t t e d t o b e g o o d , b u t b u y e r s c o n s i d e r a s k i n g p r i c e s in
m o s t in s ta n c e s to o h ig h .
C O P P E R h a s b e e n fa ir ly a c t i v e ; c o n s u m e r s a t t im e s h a v e
b o u g h t ra th e r m o re fr e e ly .
L a k e 1 2 % @ 1 2 % c . , e le c tr o ­
ly tic 1 2 % c . , s ta n d a r d 1 2 .2 5 c .
T in h a s b e e n r a th e r q u ie t b u t
s t e a d y ; th e L o n d o n m a r k e t c o n tin u e s to e v id e n c e s y n d ic a t e ’
c o n tr o l.
S p o t h e r e n o m i n a l l y 4 4 % c ., J u n c 4 4 c . , J illy 4 3 . 1 0 c . ,
S p e lt e r 5 . 7 0 c .
L ea d ste a d y a t 4 j^ c .
P i g ir o n in g o o d d e ­
m and.
N o . 1 N o r th e rn $ 1 5 @ $ 1 5 .2 5 , N o . 2 S o u th e rn $ 1 4 .2 5
@ $ 1 4 .7 5 .
S te e l p r o d u c ts h a v e b e e n s o m e w h a t m o re a c t i v e ;
e v i d e n c e is in c r e a s in g t h a t r a i l r o a d s a r e p r e p a r i n g t o p la c e
a n d h a v e p la c e d s o m e l a r g e r c o n t r a c t s .
T r a d e in s t e e l i s
b e g i n n i n g t o i m p r o v e m o r e n o t i c e a b l y , e s p e c i a l l y a t C h i­
ca g o a n d P itts b u r g h .
T h e a c t iv e in g o t c a p a c it y o f ^ t h e
U.
S . S t e e l C o r p o r a t i o n a t p r e s e n t is s t a t e d a t 6 8 % , a g a i n s t
6 6 % a w eek a g o a n d o n ly 5 8 % a t th is tim e la s t m o n t h .
" E x p o r t b u s i n e s s in s t e e l is b r i s k .
T h e new s u b w a y s h ere
w ill r e q u i r e la r g e q u a n t i t i e s , b u t n o d a t e h a s y e t b e e n s c t * f o r
th e a c tu a l b e g in n in g o f th e w o r k .

-5.1

July

On Shipboard, Not Cleared Jor-

COTTON.
Friday Night, June

30

1 1909

o f 1 ,2 5 3 ,1 8 5

P ort A rth u r-----"Texas City, & c_.
New Orleans-----G u lfp o r t _______
Mobile
______
P en sa cola ______
-Jacksonville, &c.

b a l e s .__________________________

159

554

61

131

177

2,024

107

075

'455

1,718

527

“ 34
767

“ 34
4,309

“ l5

” '4

128

" l

“ 49

'404

2,304

672

183

104

B ru n sw ick --------

"689

'252

4

“ io

. . . .

“ 26
151
20

N ’port News, &c.

" 172
102

“ 71
33

“ 96
3

—

—

—

73

20
128

172
279
128

1,127

1,856

10.151

—

2,544

1,785

—

—

60

1,903

'421
289

’ 96
228

—

—

870

“ 42

7
5

24

Baltimore -------Philadelphia-----T otals this week

Total.

942

. . . .

■G eorgetow n-----W ilm in g to n -----

F ri.

Thurs.

Wed.

Tues.

M oil.

Sat.

Receipts at—

T h e f o l l o w i n g s h o w s t h e w e e k 's t o t a l r e c e i p t s , t h e t o t a l
s i n c e S e p t . 1 1 9 1 0 , a n d t h e s t o c k s t o - n i g h t , c o m p a r e d w it h
la s t yea r:

_____

Stock.

1910-11.

1909-10.

This Since Sep
1 1910.
W eek.

'This Since Sep
1 1909.
W eek.
2,790 2,462,745
____
142,281
72,058
8,757 1,276,047
8,264
734 242,922
137,810
425
39,365
2,126 1,324,547
229,426
212,404
3,342
1,376
15 312,145
2,219
505,969
18,789
1,336
26,431
97
13,914
988
78.352
1,846
50

246
5,742

16,827
3,980
3.898
______
1,973
8,196

P h ila d clp ld a ------

2,024 2,736,148
206.943
34 360,1 17
4,309 1,565,610
34,211
149 249,729
122,678
—
25,358
2.304 1,412,201
222,736
42 285,079
1,436
110,409
421
289 558,343
3,924
14,159
172
38,368
279
128
112,062
365
—

115,756
8,352
1,913
1,125

102,175
4,281
4,162
675

T o ta l______ ___

10.151 8,359,876

22,879 7,106,091

203,283

236,66 1

Receipts to
June 30.
G alveston. . . . . .
Port A rth u r. ----Texas City, &c.
New O rlea n s.. .
Gulfport ..............
M obile . ..............
P ensacola.... —
Jacksonville, &c_
Savannah.............
B ru n sw ick ______
Charleston ...........
Georgetown
...
N ’ port News, & c.

__ __

1911.

1910.

7,914

25,711

_______
___ ____

_______
_______

43,490

01,618

_______

760
- .........
11,462
714
5,809
_______

' 3', 168

In o r d e r t h a t c o m p a r is o n m a y b e m a d e w ith o th e r y e a r s ,
w e g iv e b e lo w t h e t o t a ls a t le a d in g p o r t s fo r s ix s e a s o n s :

1910.

1911.

Receipts at—

1907.

1908.

1909.
10,609
852
7,719
677
3,900

25,223

2,890

134
201
877
824
1,050

169
1,118
3,420
463
7,080

22,879

27,503

53,544

’G a lv e s to n ___
P t. Arthur,&c.
N ew Orleans.
M obile .. . . . .
".Savannah __
B runsw ick. .
•Charleston, &c
W ilm in g ton .
N orfolk
N ’ port N ., &c
A ll others------

2,024
34
4,309
149
2,304

2,790

42
421
289

3,342
15
2,219

57 9

T o t . this week

10,151

8,757
734
2,120

_

10,545
1,308
4,158

4,488

___

3,121
122
2,257

___

286
20
1,230
1,259
1,490

14,273

1906.
6,601
28
5,875
680
7,097
25
232
2,658
1,750
122
25,068

Since Sept. 1. 8,359,876 7,106,691 9,702,533 8,111.585 9,012,858 7,603,312
T h e e x p o r ts fo r th e
o f 4 4 ,2 7 1
b a le s , o f
1 ,2 2 7 to F r a n c e a n d
B e lo w are th e e x p o r ts

Exports
from —

ContiGreat
liritain. France nent.

<3alvcston------

........

Texas City, &c.
New Orleans-. 10,732

....

8,321

467 15,913

_

Pensacola__
G u lfp ort------Savannah ___
Brunswick.....
Charleston___

200
.........

Norfolk .... ..
Newport News
New Vork___

__

382
44

Baltimore----Philadelphia -San Francisco.
Seattle --------T acom a_____
Portland, Ore.
Pem bina........

....

627
133

276

—

---

__

__

.........
—

T o t a l..........

w e e k e n d in g th is e v e n in g re a c h a to ta l
w h ic h 1 1 , 4 3 4 w e r e t o G r e a t B r i t a i n ,
3 1 ,6 1 0 to th e re st o f th e C o n t in e n t .
f o r t h e w e e k a n d s in c e S e p t . 1 1 9 1 0 :

Week ending June 30 1911.
1exported to—

.....

4,891
185
1,700
.........

400

Total.

From Sept. 1 1910 to June 30 1911.
Exported to—
ContiGreat
liritain. France. nent.

Total.

952.033 300,933 1,076,115 2,329,081
44,898 54,969 107,076 206,943
212,816 56,933
33,424 303,173
27,112 876,095 143,639 449,191 1,468,925
68,699 42,754
73,260 184,713
37,103 122,778
55,080 30,595
6,271 19,338
8,602
34,211
•ioo 320,667 114,600 459,771 895,038
78,325 182,458
101,133
18,832 9,900
97,351 126,083
137,871 32,015 213,226 383,112
4,843
15,644
10,801
_____
5,900 293,369 92,648 292,031 678,018
8,757 109,659
220 100,902
75,342 106,107
22,362 8,403
1,833
15,714
00,777
276
51,063
009
669
84,555
■ioo
84,555
____
44,801
44,801
____
11,843
11,843
50C
500
8,321

__
.....

___
___

__
____
__ __

....

.........

.........

2^627

.........

............

New Orleans. .
G a lv e s to n ____
Savannah _ ._
Charleston _ .
M o b ile _______
Norfolk . . .
New Y o r k ____
Other p o rts __

Total 1909-10. 33,091 7.780 38,457 79.328 2.325,495*887,725^2.680.824*6.894.044
I n a d d i t i o n t o a b o v e e x p o r t s / o u r j j t e l e g r a m s 't o - n i g h t a l s o
g iv e ua th e fo llo w in g a m o u n t s o f c o t t o n o n s h ip b o a r d , n o t
c le a r e d , a t th e p o r ts n a m e d .
W e a d d s i m i l a r jjfig u r c s f o r
N ew Y ork .

Ger­
Ollier Coastmany. Foreign wise.
965

214

Leaving
Stock.

Total.

145
4,200
2,600
100

38,007
7,183
11,462
5,809
615
1,542
113,156
12,250

13.259
27,738
89,232

190,024
208,926
273,523

432 ■ 5,483
731
731

3,872

_____
_____

7
4,200

128

16
600

500
100

—

T otal 1911
824
■ T otal 1910..
8,963
T otal 1909. _ 20,540

600
1,275
17.193

1,000

500
—

—

2,093
2,536
32,900

—

4,372
5,667
9,626

5,370
9,297
8,973

S p e c u l a t i o n in c o t t o n f o r f u t u r e d e l i v e r y h a s b e e n m o d ­
e r a t e ly a c t i v e , w ith p r ic e s a t tim e s s h o w in g a t e n d e n c y to
r a lly fr o m th e re c e n t m a r k e d d e p r e ssio n .
T h e s h a r p d e c lin e
r e c e n tly w itn e s s e d w a s tr a c e a b le p r in c ip a lly t o tw o t h in g s ,
f i r s t , t h e f a ll o f n e e d e d r a in s in v a r i o u s p a r t s o f t h e b e l t ,
a n d , se c o n d , a m a r k e d p re ssu re to liq u id a te J u ly c o n t r a c t s .
O n M o n d a y , i n d e e d , J u l y fe ll 2 7 p o i n t s , a n d f o r t h e fir s t
tim e it a p p e a r s fo r so m e y e a r s p a s t it d r o p p e d to a d is c o u n t
u n d e r A u g u s t — s m a l l , i t is t r u e , b u t s t ill s o n o t e w o r t h y f r o m
its r a r ity a s to e x c it e c o m m e n t .
I t w a s a c c o m p a n ie d b y
e rsiste n t r u m o r s o f v e r y h e a v y s e ttle m e n ts o f J u ly c o n tr a c ts
e t w e e n S o u t h e r n o p e r a t o r s l o n g id e n t i f i e d w i t h t h e b u ll s id e
o f th e o ld -c r o p m o n t h s a n d p r o m in e n t s p o t in t e r e s t s .
The
q u a n t i t y e s t i m a t e d in c o n n e c t i o n w i t h t h e s e a l le g e d t r a n s ­
a c tio n s , a c c o rd in g to c o m m o n re p o r t, w a s a n y w h e r e fr o m
2 5 ,0 0 0
to 7 5 ,0 0 0 b a le s .
I t is h e r e m e n t i o n e d m e r e l y f o r
w h a t i t is w o r t h , b u t t h e r e c a n b e n o q u e s t i o n t h a t t h e
im p r e s s io n h a s b e e n g e n e r a l t h a t th e r e w a s s o m e s o r t o f fo u n ­
d a tio n fo r th e se ru m o r s .
T h e s u d d e n d r o p in t h e J u l y o p t i o n
s e e m e d to m a n y to g iv e a c e r ta in a p p e a r a n c e o f c o n fir m a t io n
to th e m .
T h e g e n e r a lity o f cro p r e p o r ts , t o o , h a v e b e e n
fa v o r a b le .
O v e r a w id e t r a c t o f c o t t o n t e r r i t o r y , t a k i n g in ­
d e e d t h e b u l k o f t h e c o t t o n r e g i o n , t h e c o n d i t i o n s a r e s a id t o
b e o n t h e w h o le e x c e p t i o n a l l y g o o d .
T h e b e lie f h a s la t t e r ly
b e e n s p r e a d i n g t h a t t h e G o v e r n m e n t r e p o r t , w h ic h is t o a p ­
p e a r o n M o n d a y , J u l y 3 , w ill b e f a v o r a b l e , t h e a c r e a g e b e i n g
u n p r e c e d e n t e d l y la r g e a n d t h e c o n d i t i o n s b e i n g in t h e m a i n
s o p r o m i s i n g t h e r e is a g r o w i n g im p r e s s i o n t h a t u n l e s s t h e
p l a n t m e e t s w i t h s o m e u n f o r e s e e n d i s a s t e r , t h e n e x t c r o p w ill
n o t i m p r o b a b l y b e t h e la r g e s t e v e r r a i s e d .
T h e f ie ld s a r e e x ­
c e p t io n a lly c le a n .
C u ltiv a tio n h a s b e e n m o r e c a r e fu l th a n
fo r y e a r s p a s t , a c c o r d in g to m a n y r e p o r ts , s o m e th in g th a t
m ig h t h a v e b e e n e x p e c te d fro m
th e in c e n t iv e fu r n is h e d
by
th e
curren t
h ig h
p ric e s.
At
th e
sam e
tim e
th e
c o t t o n g o o d s t r a d e is s till in a n u n s a t i s f a c t o r y c o n d i t i o n .
A c c o r d i n g t o s o m e r e p o r t s a n y c o n s i d e r a b le s a l e s o f y a r n s
c o u ld o n ly b e m a d e a t s u b s ta n tia l c o n c e s s io n s a s to p r ic e s .
C u r t a i l m e n t t h r o u g h o u t t h e c o u n t r y c o n t i n u e s o n a la r g e
s c a l e , n o r is t h e r e a n y s ig n o f a c h a n g e in t h i s r e s p e c t .
On
t h e o t h e r h a n d , s p in n e r s h a v e b e e n s t e a d y b u y e r s o f t h e n e w c r o p m o n t h s , b u l l s i n s is t t h a t t h e s t a t i s t i c a l p o s i t i o n is
lik e ly to g r o w m u c h s tr o n g e r b e fo r e n e w c o t t o n c a n b e
a v a i l a b l e in a n y la r g e q u a n t i t y , a n d o f la t e i t h a s b e e n p e r ­
s is t e n t ly r e p o r te d t h a t T e x a s a n d O k la h o m a n e e d m o r e r a in ,
t o s a y n o t h i n g o f lo w e r t e m p e r a t u r e s .
T exas has had a
m a x im u m o f 111 d e g ree s a n d O k la h o m a 1 1 2 d e g r e e s.
Va­
r io u s o th e r s e c tio n s o f th e b e lt a r e n o w sa id to n e e d r a in .
L arg e
S o u th e rn
o p e ra to rs h a v e b e e n b u y in g
new
crop
m o n t h s a n d su p p o r tin g th e m a r k e t .
S p o t in te re sts h a v e
b o u g h t J u ly .
T h e n e t r e s u l t o f t h e w e e k is a d e c lin e in
J u l y a n d A u g u s t a n d a n a d v a n c e in n e w - c r o p m o n t h s .
To­
d a y o ld -c r o p m o n t h s a d v a n c e d s lig h t ly o n s u p p o r t b y s p o t
i n t e r e s t s , w h ile n e w c r o p o p t i o n s d e c li n e d u n d e r g e n e r a l
s e lli n g in a n t i c i p a t i o n o f a f a v o r a b l e G o v e r n m e n t r e p o r t
on M on d a y n ex t.
S p o t c o t t o n h a s d e c lin e d t o 1 4 . 8 0 c . , a
lo s s o f 3 0 p o i n t s f o r t h e w e e k .
T h e r a te s o n a n d o ff m id d lin g , a s e s ta b lis h e d N o v . 1 6 1 9 1 0
b y t h e R e v i s i o n C o m m i t t e e , a t w h ic h g r a d e s o t h e r t h a n
m i d d l i n g m a y b e d e li v e r e d o n c o n t r a c t , a r e a s f o l l o w s :

E

F a ir____________c.1.50 on
Strict mid. fair____ 1.30 on
Middling fair............1.10 on
Strict good mid____ 0.06 on
Good middling____ 0.44 on
Strict middling____ 0.22 on

Middling_______c . Basis
Strict low. mid____0.25 off
Low middling_____0.75 off
Strict good ord____ 1.20 off
Good ordinary_____2.00 off
Strict g’d mid. tgd.0.35 on

Good mid. tinged.c Even
Strict mid. tinged. .0.15 off
Middling tinged--.0.25 oft
Strict low.Mid.ting.0.75 off
Low mid. tinged__ 1.75 off
Middling stained__ 1.00 oft

T h e o f f i c i a l q u o t a t i o n f o r m i d d l i n g u p l a n d c o t t o n in t h e
N e w Y o r k m a r k e t e a c h d a y fo r th e p a s t w e e k h a s b e e n :

June 24 to June 30—
Sat.
Middling uplands......... ...............15.00

Alon. Tues. W ed. T hurs.
14.75 14.90 14.80 14.80

Fri.
14.80

N EW
YO R K
Q U O T A T IO N S F O R 32 Y E A R S .
T h e q u o t a t io n s fo r m id d lin g u p la n d a t N e w Y o r k o n
J u n e 3 0 fo r e a c h o f th e p a s t 3 2 y e a r s h a v e b e e n a s fo llo w s :
1 91 1.c . .
1 9 1 0 ____
1 9 0 9 ____
1 9 0 8 ____
1907. ..
1 9 0 6 ____
9 0 5 ____
1 9 0 4 ____

.14.80
15.35
.12.00
11. 50
._ . 1 3 . 2 5
...1 0 .8 0
__.10.15
. .10.85
.
.

1903.C.
1 90 2...
190 1._.
1900. .
1 89 9...
1 8 9 8 ...
1 8 9 7 ...
1 8 9 6 ...

M AR KET

____ 1 3 . 0 0
. . . 9 .2 5
____ 8 .8 1
____ 10 .0 0
_____6 .0 6
____ 6.31
_____7 .8 1
_____7 .4 4

AND

Spot Market
Closed.

2^627

11,434 1,227 31,610j 44,271 3,279,188|906,727 3,171,830 7,357,745




Great
Britain. France

June 30 at—

1911.

T H E M O V E M E N T O F T H E C R O P a s in d ic a te d b y o u r
t e l e g r a m s f r o m t h e S o u t h t o - n i g h t is g i v e n b e l o w .
F o r th e
w e e k e n d i n g t h i s e v e n i n g t h e t o t a l r e c e ip t s h a v e r e a c h e d
1 0 ,1 5 1 b a le s , a g a in s t 6 ,8 7 1
b a le s la s t w e e k a n d
1 2 ,o 7 3
■bales t h e p r e v i o u s w e e k , m a k i n g t h e t o t a l r e c e ip t s s in c e
Sept
1
1910
8 ,3 5 9 ,8 7 0
b a le s , a g a in s t
7 ,1 0 6 ,6 9 1
b a le s
f o r t h e s a m e p e r i o d o f 1 9 0 9 - 1 0 , s h o w i n g a n in c r e a s e s in c e
■ S ep t.

57

THE CHRONICLE

1 1911.]

Saturday___
M on day____
T u e s d a y ___
W ednesday.
Thursday . .
Total

----

Quiet
Quiet
Quiet
Quiet

1 8 9 5 . C ----- . . 7 . 0 0
1 8 9 4 ____ . . 7 . 2 5
1 8 9 3 ____ . . . 7 .8 8
1 8 9 2 _____ .
7 .3 8
1 8 9 1 ____ .
8 .3 8
1 8 9 0 ____
.12.00
1 8 8 9 ____ . . . 1 1 . 0 0
1 8 8 8 ____ . . . 1 0 . 1 9

SALES

AT

N EW

Futures
Market
Closed.

10 pts decline S teady________
25 pts decline
15 pts a d v ____ Very steady—
10 pts decline

1 8 8 7 . C ___
1 8 8 6 ______
1 8 8 5 ______
1 8 8 4 ______
1 8 8 3 ______
1 8 8 2 ______
1 8 8 1 ______
1 8 8 0 ______

..1 1 .0 6
. . 9 .3 8
. 10. 44
.10.94
..1 0 .3 1
..12 .62
..1 1 .0 6
. 11.81

Y O R K .

SALES.
Spot.

Contr’ct Total.

80

80

....

....

....

100
400

100

200
400

580

100

680

58

THE CHRONICLE

F U T U R E S . — T h e h ig h e s t , lo w e s t a n d c lo s in g
N e w Y o r k th e p a s t w e e k h a v e b e e n a s fo llo w s :

Cl

p r ic e s

at

—

[V O L . L X X X X U I .

A T T H E I N T E R I O R T O W N S th e m o v e m e n t — th a t is ,
t h e r e c e ip t s f o r t h e w e e k a n d s in c e S e p t . 1 , t h e s h i p m e n t c
fo r th e w e e k a n d th e s to c k s t o -n ig h t , a n d th e s a m e it e m s
fo r th e c o rr e sp o n d in g
o u t in d e t a i l b e l o w .

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June so —
io n .
Stock at Liverpool_________bales. 705,000
10,000
Stock at L o n d o n _______________
Stock at M anchester____________
75,000

1910.
1909.
541,000 1,089,000
9,000
9,000
46,000
78,000

1908.
566,000
7,000

T otal Great Britain s tock _____. 7 90,000
12,000
Stock at H am burg________
110,000
Stock at B rem en _______________
Stock at H avre__________________. 174,000
.
2,000
Stock at Marseilles________
18,000
Stock at B a r ce lo n a _______
.
13,000
Stock at Genoa____________
.
8,000
Stock at T rie s te __________

596,000 1,176,000
11,000
12,000
189,000
329,000
165,000
200,000
3,000
3,000
11,000
32,000
22,000
36,000
8,000
6,000

641,000
21,000
341,000
160,000
5,000
42,000
4 1,000
28,000

409,000

638.000

337,000

678,000

6 8 ,0 0 0

.1,127,000 1,005,000 1,854,000 1,279,000
T otal European s to c k s ..
India cotton atloat for E u rop e__. 1 8,000
111,000
73,000
84,000
99,555
149,454
A m cr. cotton alloat for E urope. .
193,625
134,643
28,000
12,000
E gypt, Brazil, &c.,aflt. for E urope..
15,000
23,000
99,000
79,000
Stock In Alexandria, E gy p t____ .
1 14,000
118,000
Stock In Bom bay, In d ia _______ . 580,000
693,000
397.000
488,000
236,664
362,755
Stock In U. S. p o r t s ___________ . 203,283
256,189
159,392
172,625
Stock In U. S. Interior tow ns___ . 133,653
170,453
U. S. exports to-d ay___________ .
5,245
14,642
6,406
337
.2,433,133 2,450,755 3,188,411 2,553,622
an and other descriptions are as follows:

Liverpool stock___ ; ____bales.. _____
558,000
Manchester stock__________ . 59,666
59,000
Continental s t o c k ._______
. 295,000
American alloat for E urope_____. 99,155
U. S. port stocks_______ , . .
203,283
U. S. Interior s t o c k s ______
- 133,653
U. S. exports to-d a y ______
.
14,642

449,000
37,000
356,000
149,454
236,664
159,392
5,245

989,000
62,000
621,000
193,625
362,755
172,625
6,406

452,000
56,000
542,000
134,643
256,189
170,453
337

.1,363,133 1,392,755 2,407,411 1,611,622
East Indian, Brazil, A c —
L iverpool stock___________________. 147,000
117,000
92,000
100,000
114,000
L ondon s to c k ___________________ .
10,000
9,000
9,000
7,000
Manchester stock ________________. 16 ,000
9,000
16,000
12,000
Continental stock__________________ 42,000 .
53,000
57,000
96,000
India afloat for E urope__________. 148,000
111,000
73,000
84,000
28,000
12,000
E gypt, Brazil, & c., a lloa t_______
15,000
23,000
Stock In Alexandria, E gy p t_____ .
99,000
79,000
114,000
118,000
Stock In B om bay, Ind ia__________
580,000 693,000
. 580,000
397,000
488,000

c

-5

fir

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r7OcoH

o

t o t a l s s h o w t h a t t h e i n t e r io r s t o c k s h a v e de­
t h e w e e k 1 1 , 0 6 5 b a le s a n d a r e t o - n i g h t 2 5 , 7 3 9
b a le s le s s t h a n a t t h e s a m e t i m e l a s t y e a r .
T h e r e c e ip t s
a t a ll t h e t o w n s h a v e b e e n 7 , 5 7 0 b a l e s le s s t h a n t h e s a m e
w e e k la s t y e a r .
The above

creased d u r i n g

OVERLAND
M OVEM ENT
FOR
TH E
W E E K
AND
S I N C E S E P T 1 . — W e g i v e b e lo w a s t a t e m e n t s h o w i n g th e
o v e r la n d m o v e m e n t f o r t h e w e e k a n d s in c e S e p t . 1 , a s m a d e
u p f r o m t e le g r a p h i c r e p o r t s F r i d a y n i g h t .
T h e r e s u lts fo r
t h e w e e k a n d s in c e S e p t . 1 in t h e la s t t w o y e a r s a r e a s f o l l o w s :

June 30—
Shipped—
Vla
Via
Via
Via

T h e a b o v e f ig u r e s f o r 1 9 1 1 s h o w a d e c r e a s e f r o m l a s t w e e k
o f 1 7 2 , 1 2 1 b a l e s , a lo s s o f 1 7 , 6 2 2 b a l e s
fro m 1 9 1 0 , a d e ­
c re a se o f 7 5 5 , 2 / 8 b a le s fr o m 1 9 0 9 , a n d a lo s s o f 1 2 0 ,4 8 9
b a le s fr o m 1 9 0 8 .

Since
S ept. 1.
513,172
208,044
25,957
130,699
79,299
174,952
160,613

Week.
. 2,561
_ 1,025

Rook Island__
L ou isville.........
Cincinnati........ .
Virginia p oin ts.

.
.
.
.

334
253
348
782

. 5,303 1,301,736
Deduct shipments—
164,054
579
Overland to N. Y ., Boston, & c.
61,320
367
Between Interior to w n s .______ .
51.657
Inland, A c., from S outh_____ . . 2,912
Total to be deducted_______
saving total net overland *-----* Including m ovem ent by

-1909-10Since
S ept. 1.
425,807
176,842
19,915
116,498
2,077
78
46,257
133,963
1,043
152,771
861

% eek.
10,122
941

15,122 1,072,053
2,471
764
4,556

120,543
61,726
66,924

280,931

7,791

249,193

, 1,415 1 020,805

7,331

822,860

_ 3,888

rail to Canada.

T h e fo r e g o in g s h o w s th e w e e k ’s n e t o v e r la n d m o v e m e n t
h a s b e e n 1 ,4 1 5 b a l e s , a g a i n s t 7 ,3 3 1 b a l e s [fo r t h e w e e k la s t
y e a r , a n d t h a t f o r t h e s e a s o n t o d a t e th e a g g r e g a t e n e t o v e r ­
l a n d e x h i b i t s a n in c r e a s e o v e r a y e a r a g o o f 1 9 7 , 9 4 5 b a l e s .

In Sight and Spinners’
IVeek.
Takings.
Receipts at ports to June 3 0 ___ _ 10.151
1,415
Net overland to June 30______ _
Southern consumption to June 30. 47,000
Interior stocks in ex ce ss________ *11,065

North, spinners' takings to Junc30

8 0 ,0 0 0

H

7s o o ^
QKEC l,

2,433,133 2,450,755 3,188,411 2,553,622
7.80d.
Middling Upland, L iverpool_____
6.33d.
8 .Old.
0.27d.
15.30c.
Middling Upland, New Y ork ____
_______
12.60c.
14.80C.
11.40c.
8H d.
E gypt, Good Brown, L iv e r p o o l.. 11 3-16d.
12 Md.
0 J^d.
8.1 5 d .
Peruvian, Rough Good, Liverpool[ 11,25d.
ll.OOd.
9.15d.
Broach, P'inc, Liverpool .
5 Md.
5 9-16d
. ..............
7 11 -16 cl. 6 15-10d.
T lnnevelly, Good, L iv e r p o o l.. . 7 9-16d. 6 15-16d.
5 3-16d
5W .
h ave been

i
1

j s

Came Into sight during w eek__
T otal In sight June 3 0 . _______

C o n tin e n ta l im p o r ts fo r th e p a s t w e e k
b a le s .

i s jj
TlO 'O «

a « o.
o ijs

1,070,000 1,058,000
781,000
942,000
1,363,133 1,392,755 2,407,411 1,611,622




rp

1n u O O H C ' I O O t s O i O t ^•MOTHh.©HOr-’
M O r H h . o C H C O OCMOtClOCCO^b.l'-C
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TH E
V IS IB L E
SUPPLY
OF
COTTON
to -n ig h t,
as
m a d e u p b y c a b le a n d t e l e g r a p h , is a s f o l l o w s .
F o r e ig n
s t o c k s , a s w e ll a s t h e a f l o a t , a r e t h i s w e e k ’ s r e t u r n s , a n d
c o n s e q u e n t l y a ll f o r e i g n f ig u r e s a r c b r o u g h t d o w n t o T h u r s ­
d a y e v e n in g .
B u t t o m a k e t h e t o t a l t h e c o m p l e t e fig u r e s
fo r t o -n ig h t ( F r i d a y ) , w e a d d th e it e m o f e x p o r t s fr o m th e
U n i t e d S t a t e s , i n c l u d i n g in i t t h e e x p o r t s o f F r i d a y o n l y .

.

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p e r io d

Since
Sept. 1.
8,350,876
1,020,805
2,050,000
11,430,681
82,875

-1909-10Since
Sept, l
7,106,691
822,800
2,133,000

W eek.
2 2,879
7,331
40,000

70,210 10,062,551
*23,449
76,229

47,501
- - . - - 11,513,556

40,761

2,075,753

10,833

5,975

10,138,780
2,073,785

* Decrease during week.
M o v e m e n t i n t o s i g h t in p r e v i o u s y e a r s :

Week—
1909— July
1908— July
1907— July
1006— July

Bales.
2
..
.
. . .68,623
4.
.
.90,066
5 _________________ 52,139
6 _________________ 61,639

Since Sept. \—
Bales.
1908-09— July 2 . .......... ...1 3 ,2 2 4 ,9 4 9
1907-08—July 4 ................... 11,024,602
1006-07— July 5 ----------------13,089.840
1905-06— July 6 . ...............10,639,178

Q U O T A T IO N S F O R M ID D L IN G C O T T O N A T O T H E R
M A R K E T S . — B e l o w a r e t h e c lo s i n g q u o t a t i o n s o f m i d d l i n g
c o t t o n a t S o u t h e r n a n d o t h e r p r in c ip a l c o t t o n m a r k e t s f o r
e a c h d a y o f th e w e e k .

July

1

1911. j

THE CHRONICLE
Closing Quotations /or Middling Cotton on—

June 30.
Galveston _ __
New Orleans
M o b ile ________
Savannah _ __
Charleston_____
W ilm in g to n __
N o r fo lk ______
Baltimore ____
P hiladelph ia___
A ugu sta______
Memphis
____
St. Louis.
_
H o u s t o n ______
Little R o c k ____

Sat'dag.

Monday. Tucsdav. W cd'day. Thursd'y. F rid ay.

15H
15 K
15
15 54
15^

15
15 1-16
15
15 'A
15 %

15
15 1-16
15
1554
15 X

15
15 1-16
14 54
1554
1554

15
15 1-16
14 54
15 54

15
15 1-16
14 54
15 1-16

15 54
15 M
15.25
15 'A
15
15
15
14 54

15
15 54
15.00
15 7-16
15
15
15
1454

15
15 54
15.15
15 %
15
15
15
1554

15
1554
15.05
1554
15
15
15
1454

14 54
15 14
15.05
15 54
15
15
15
1454

14 54
15 '■<,
15.05
15 54
15
15
15
14 54

N EW
ORLEANS
O P T IO N
M A R K E T .— T h e h ig h e s t,
l o w e s t a n d c lo s i n g q u o t a t i o n s f o r l e a d i n g o p t i o n s in t h e N e w
O r le a n s c o t t o n m a r k e t f o r t h e p a s t w e e k h a v e b e e n a s f o l l o w s :

Sat' day Monday, Tuesday, Wed’ day, Thursd'y Friday,
June 24. June 26. June 27. June 28. June 29 June 30.
June—
R a n g e _____
Closing__ . .
July—
Range ______
Closing______
August—
R a n g e ______
Closing______
September—
R a n g e ______
Closing______
October—
R a n g o ______
Closing______
November—
R a n g e ______
Closing______
December—
R a n g e _____
Closing______
January—
R a n g o ......... ..
Closing______
February—
R ange ______
Closing__ __
March —
R a n g o ______
Closing______
M a y—
R a n g e ______
Closing______
Tone—
S p o t ________
O p t io n s _____

— © — — © — — © —
14.85 — 14.75 — 14.87 — 14.90 —
I
|
14.84-.89 14.75-.8 6 14.80-.89 14.87-.06
14.85 — 14.76-.77 14.87-.89 14.01-.93
1
14.08 — 13.96-.12 14.02-.17 14.06-.22
14.08-.00 13.98-.99 14.16-.17 14.07-.08
1
13.24-.25 13.18-.26 13.33-.34 — © —
13.24-.26 13.20-.22 13.37-.39 13.30-.32

— at> — — © —
15.02 —
14 .90-.06 15.00-.10
15.03-.05 15.00 —
14.08-.12 14.08-.12
14.12-. 13 14.09-.11
13.33-.37 — © —
13.37-.39 13.35-.36

12.96-.01 12.91-.03 12.99-.13 13.00-.19 13.08-.14 1 3 .0 5 -.il
12.99-.00 12.95-.96 13.1 1-.12 13.05-.06 13.12-.13 13.05-.07
— @ — — © — — © —
12.96-.98 12.05 — 13.11-.13
1
12.94-.99 12.89-.00 1 2 .9 8 -.il
12.96-.97 12.94-.95 1 2 .1 0 -.il

— © —■
— © —
13.05 — 13.11-.13 1,3.05 —
12.99-.17 13.07-.14 13 .04-.10
13.04-.05 13.11-.12 13.05-.06

13.01-.03 12.96-.98 13.06-.16 13.05-.20 13.16-.18 13.12-. 14
13.03-.05 12.99-.01 13.16-.17 13 .09-.11 13.18-. 19 13.11-.12
— (3> — — © — — © —
— © —
13.07-.09 13.03 — 13.19-.21 13.14 — 13.22 — 13.10-.18
— 13.16 13.11 - . 13 13.16-.27 13.18-.34 13.26-.27
13.14-. 16 13.12-. 13 13.28-.29 13.22-.24 13.27-.28
— @ —
— © — — © —
--- --- --- 13.15 — 13.33-.35 13.27 — 13.32-.34
Steady.
Steady.

Steady. | Rasy.
Steady. 1Steady.

Steady.
Steady.

Quiet.
Steady.

13.21-.25
13.24-.25
— © —
13.30 —
Quiet.
Steady.

W E A T H E R R E P O R T S B Y T E L E G R A P H . — T e le g r a p h ic
a d v ic e s
fro m
th e
S o u th
th is
e v e n in g
in d ic a te
th a t
th e w e a th e r h a s b e e n
f a v o r a b l e o n t h e w h o le d u r i n g t h e
w eek.
I n T e x a s a n d O k la h o m a th e w e a th e r h a s b e e n d r y
a s a r u l e , b u ' e ls e w h e r e r a in s h a v e b e e n q u i t e g e n e r a l a n d
b e n e fic ia l.
C 'o p r e p o r s a r e in t h e m a i n v c r y e n c o u a g i n g .
Galveston, Tex.— T h e r e h a s b e e n a t a c e o f r a in d u r in g t h e
w eek.
T h e t h e r m o m e t e r h a s a v e r a g e d 8 3 , th e h ig h e s t b e in g
8 6 a n d t h e lo w e s t 8 0 .
M o n t h 's r a in f a ll 0 . 4 1 in c h .
Brenham, Tex.— D r y a ll ( h e w e e k . T h e r m o m e t e r h a s
a v e r a g e d 8 3 , ra n g in g fr o m 7 2 to 9 4 .
M o n t h ’ s r a in f a ll 1 .1 4
in c h e s .

Cuero, Tex.—

W e h a v e h a d n o r a in t h e p a s t w e e k .
The
th e r m o m e te r h a s ra n ged fro m
7 0 to 9 8 , a v e r a g in g 8 4 .
M o n t h 's r a in f a ll 0 . 1 8 in c h .

Dallas, Tex.'— T h e r e h a s b e e n r a in o n o n e d a y o f t h e w e e k ,
th e p r e c ip ita tio n b e in g t h ir t y -o n e h u n d r e d th s o f a n in c h .
A v e r a g e th e r m o m e te r 8 7 , h ig h e s t 1 0 3 , lo w e s t 7 1 .
Henrietta, Tex. W e h a v e h a d r a in o n o n e d a y o f t h e p a s t
w e e k , t h e r a in f a ll r e a c h i n g s i x h u n d r e d t h s o f a n i n c h .
The
th e r m o m e te r h a s a v e r a g e d 9 1 , th e h ig h e s t b e in g 1 1 0 a n d th e
lo w e s t 7 1 .
Huntsville, Tex.— R a i n f a l l f o r t h e w e e k , e i g h t y - e i g h t h u n ­
d r e d t h s o f a n in c h o n o n e d a y ; m o r e r a in in t h e n e i g h b o r h o o d .
T h e th e r m o m e te r h a s a v e r a g e d 8 5 , ra n g in g fr o m 7 3 to 9 7 .
M o n t h ’ s r a in f a ll 2 . 5 7 in c h e s .
^ Kerrville, Tex.— W e h a v e h a d n o r a in d u r i n g t h e w e e k .
T h e th e r m o m e te r h a s ra n g e d fr o m 6 8 to 9 8 , a v e r a g in g 8 3 .
Lampasas, Tex.— W e h a v e h a d n o r a in t h e p a s t w e e k .
A v e r a g e t h e r m o m e t e r 8 5 , h ig h e s t 1 0 2 , lo w e s t 6 8 .
Longview, Tex.— D r y a ll t h e w e e k . T h e t h e r m o m e t e r h a s
a v e r a g e d 8 7 , h ig h e s t b e in g 1 0 1 a n d lo w e s t 7 3 .
^ Luling, Tex.— W e h a v e h a d n o r a in d u r i n g t h e w e e k .
T h e r m o m e t e r h a s a v e r a g e d 8 6 , r a n g in g fr o m 7 2 to 9 9 .
Nacogdoches, Tex.— W e h a v e h a d r a in o n o n e d a y o f t h e
w e e k , t h e r a in fa ll r e a c h i n g t w e n t y - s i x h u n d r e d t h s o f a n in c h .
T h e th e r m o m e te r h a s ra n g e d fr o m 7 0 to 9 4 , a v e r a g in g 8 2 .
M o n t h ’ s r a in f a ll 0 . 5 2 in c h .

Palestine, Tex.—

W e h a v e h a d n o r a in f a ll d u r i n g t h e w e e k .
th e r m o m e te r 8 1 , h ig h e s t 9 2 , lo w e s t 7 0 .
San Antonio, Tex.— T h e r e h a s b e e n n o r a in d u r i n g t h e
w eek.
T h e th e r m o m e te r h a s a v e r a g e d 8 5 , th e h ig h e s t b e in g
9 6 a n d th e lo w e s t 7 4 .
6
°
A verage

Paris, Tex.— R a i n h a s f a l l e n o n o n e d a y o f t h e w e e k , t h e
r a in f a ll b e in g t h i r t y - f o u r h u n d r e d t h s o f a n i n c h .
T h erm om ­
e te r h a s a v e r a g e d 8 5 , r a n g in g fr o m 71 to 9 8 .
M o n t h ’ s r a in fa ll
1 . 1 8 in c h e s .
Weatherford, Tex— D r y

a ll t h e w e e k .
h a s ra n g e d fr o m 7 4 to 1 0 6 , a v e r a g in g 9 0 .

The

th e rm o m e te r

^ Ardmore, Okla.— T h e r e h a s b e e n n o r a in d u r i n g t h e w e e k .
T h e r m o m e te r h a s ra n g e d fr o m 7 2 to 1 0 8 , a v e r a g in g 9 0 .
Marloiv, Oklahoma.— W e h a v e h a d o n l y a t r a c e o f r a in t h e
past w eek.
A v e r a g e th e r m o m e te r 8 9 , h ig h e s t 1 0 8 , lo w e s t 7 0 .
Oklahoma, Oklahoma.— T h e w e e k 's r a in f a ll h a s b e e n o n l y
a tra ce o n o n e d a y .
T h e th e rm o m e te r h a s a v era g ed 8 2 ,
h i g h e s t b e in g 1 0 4 a n d l o w e s t 6 0 .




59

Tulsa, Oklahoma.— W e h a v e h a d r a in o n o n e d a y o f t h e
w e e k , t h e r a in f a ll r e a c h i n g o n e i n c h a n d n i n e t e e n h u n d r e d t h s .
T h e th e r m o m e te r h a s a v e r a g e d 8 5 , r a n g in g fr o m 6 9 to 1 0 2 .
Alexandria, Louisiana.— R a i n h a s f a l l e n o n t w o d a y s d u r i n g
th e w e e k , th e p r e c ip ita tio n r e a c h in g t w e n t y -n in e h u n d r e d th s
o f a n in c h .
T h e th e r m o m e te r h a s ra n g e d fr o m 6 9 to 9 3 ,
a v e ra g in g 8 1 .
Amite, Louisiana.— T h e r e h a s b e e n r a in o n f o u r d a y s o f t h e
w e e k , t h e p r e c i p i t a t i o n b e i n g t h r e e in c h e s a n d f o u r h u n ­
d r e d th s . A v e r a g e th e r m o m e t e r 8 1 , h ig h e s t 9 2 , lo w e s t 6 9 .
New Orleans, Louisiana.— T h e r e h a s b e e n r a in o n f o u r d a y s
d u r in g t h e w e e k , t h e r a in f a ll b e i n g o n e in c h a n d f o r t y - f i v e
h u n d re d th s.
T h e th e r m o m e te r h a s a v e r a g e d 8 3 , th e h ig h e st
b e in g 9 1 a n d th e lo w e s t 7 5 .
Shreveport, Louisiana.— R a i n h a s f a l l e n o n o n e d a y d u r in g
t h e w e e k , t h e r a in f a ll r e a c h i n g f if t e e n h u n d r e d t h s o f a n i n c h .
T h e th e r m o m e te r h a s a v e r a g e d 8 2 , ra n g in g fr o m 71 to 9 4 .
Meridian, Miss.— W e h a v e h a d r a in o n t w o d a y s d u r i n g
th e w e e k , t h e r a in f a ll b e i n g n i n e t y - t h r e e h u n d r e d t h s o f a n
in c h .
T h e th e rm o m e te r h a s ran ged fro m 6 6 to 9 2 , a v e ra g ­
in g 7 9 .
Vicksburg, Miss.— W e h a v e h a d r a in o n t w o d a y s d u r i n g
t h e p a s t w e e k , t h e r a in f a ll b e i n g o n e in c h a n d t w e n t y - n i n e
h u n d re d th s.
A v e r a g e t h e r m o m e t e r 8 1 , h ig h e s t 9 2 , lo w e s t 7 1 .
i azoo City, Miss.— T h e r e h a s b e e n r a in o n t h r e e d a y s
d u r in g t h e w e e k , t h e p r e c i p i t a t i o n b e i n g t w o in c h e s a n d f o r t y tw o h u n d r e d th s .
T h e th e rm o m e te r h a s a v e ra g e d S I
th e
h ig h c t b e in g 9 4 a n d th e lo w e s t 6 9 .
Fort Smith, Arkansas.— W e h a v e h a d r a in o n t w o d a y s
d u r in g t h e w e e k , t h e r a in f a ll b e i n g t h r e e h u n d r e d t h s o f a n
in c h .
T h e r m o m e te r h a s a v e ra g e d 8 3 , ra n g in g fro m 6 8 to 9 8 .
Helena, Arkansas.— R a i n t h i s w e e k h a s h e lp e d c r o p s . W e
h a v e h a d r a in o n f o u r d a y s t h e p a s t w e e k , t h e r a in f a ll b e i n g
s e v e n t y -n in e h u n d r e d th s o f a n in c h .
T h e th e rm o m e te r h a s
ra n g ed fro m 6 9 to 9 3 , a v e r a g in g 8 0 .
Little Rock, Arkansas.— W e e k ’ s r a in f a ll t w o in c h e s a n d
th ir ty -s e v e n h u n d r e d th s , o n th ree d a y s .
A verage
th e r­
m o m e t e r 8 0 , h i g h e s t 9 1 , lo w e s t 6 9 .
Texarkana, Arkansas.— I t h a s r a in e d o n o n e d a y o f t h e
w e e k , ( h e r a in f a ll b e i n g t w o h u n d r e d t h s o f a n i n c h .
The
e h e r m o m e te r h a s a v e r a g e d 8 4 , th e h ig h e s t b e in g 9 6 a n d th e
lo w e st 7 3 .
Chattanooga, Tennessee.— R a i n f a l l f o r t h e w e e k , o n e in c h
a n d t h i r t y - f i v e h u n d r e d t h s , o n fiv e d a y s . T h e t h e r m o m e t e r
h a s a v e r a g e d 7 6 , ra n g in g fr o m 61 to 9 6 .
Memphis, Tennessee.— R a i n h a s f a lle n o n f o u r d a y s d u r in g
th e w e e k , th e p r e c ip ita tio n b e in g s ix t y -t h r e e h u n d r e d t h s . T h e
th e r m o m e te r h a s ra n g e d fr o m 6 6 to 8 9 , a v e r a g in g 7 7 .
Nashville, Tennessee.— W e h a v e h a d a r a in f a ll o f f o u r i n c h e s
d u r in g t h e w e e k , o n t h r e e d a y s .
A v e r a g e th e rm o m e te r 7 8 ,
h i g h e s t 9 0 , lo w e s t 6 5 .
Mobile, Alabama. — W e h a v e h a d r a in o n t h ' c e d a y s o f t h e
p a s t w e e k , t h e r a in f a ll r e a c h i n g e i g h t y - n i n e h u n d r e d t h s o f
an in c h .
T h e th e r m o m e te r h a s a v e r a g e d 8 : , th e h ig h e s t
b e in g 9 0 a n d t h e l o w e s t 7 0 .
Montgomery, Alabama.— C r o p r e p o r t s g e n e r a l l y v e r y g o o d ,
r a in s b e n e f i c i a l .
R a in fa ll fo r th e w e e k , t w o in c h e s a n d
f o r y - o n e h u n d r e d h s , o n f iv e d a y s . T h e t h e r m o m e t e r h a s
a v e r a g e d 8 1 , r a n g in g fr o m 6 9 to 9 2 .
Selma, Alabama.— T h e r e h a s b e e n r a in o n s i x d a y s d u r i n g
t h e w e e k , t h e p r e c i p i t a t i o n b e in g o n e in c h a n d f o u r t e e n
h u n d re d th s.
T h e rm o m e te r h a s ra n ged fr o m
70
to
93,
a v e ra g in g 8 1 .
Thomasville, Alabama. — T h e r e h a s b e e n r a in o n t h r e e d a y s
t h e p a s t w e e k , t h e r a in f a ll b e i n g n i n e t y - t h r e e h u n d r e d t h s o f
a n in c h .
A v e r a g e t h e r m o m e t e r 8 0 , h ig h e s t 9 6 , lo w e s t 6 5 .
Madison, Florida.— T h e r e h a s b e e n n o r a in d u r i n g t h e w e e k .
T h e th e r m o m e te r h a s a v e r a g e d 8 0 , th e h ig h e s t b e in g 9 5 a n d
th e lo w e s t 7 0 .
Tallahassee, Florida.— W e h a v e h a d r a in o n t w o d a y s
d u r in g t h e w e e k , t h e r a in f a ll b e i n g t w e n t y - t w o h u n d r e d t h s
o f a n in c h .
T h e r m o m e te r h a s a v e r a g e d 8 2 , r a n g in g fr o m
7 0 to 9 3 .
Atlanta, Georgia.— T h e r e h a s b e e n r a in o n t w o d a y s d u r i n g
th e w e e k , th e p r e c ip ita tio n b e in g t w e n t y -s i x h u n d r e d th s o f
a n in c h . T h e r m o m e t e r h a s r a n g e d f r o m 6 6 t o 9 1 , a v e r a g i n g 7 9 .
Augusta, Georgia.— W e h a v e h a d r a in o n t w o d a y s d u r in g
t h e p a s t w e e k , t h e r a in f a ll b e i n g t h i r t y - f o u r h u n d r e d t h s o f a n
in c h .
A v e r a g e th e r m o m e te r 8 4 , h ig h e st 9 6 , a n d lo w e st 7 3 .
Savannah, Georgia.— T h e r e h a s b e e n n o r a in d u r i n g t h e
w eek.
T h e t h e r m o m e t e r h a s a v e r a g e d 8 5 , t h e h i g h e s t b e in g
9 9 a n d th e lo w e s t 7 3 .
Wasfmiglon, Georgia.— R a i n h a s f a l l e n o n o n e d a y o f t h e
w e e k , t h e r a in f a ll b e i n g f o r t y - t h r e e h u n d r e d t h s o f a n in c h .
T h e r m o m e te r h a s a v e n g e d 8 2 , ra n g in g fr o m 6 8 to 9 7 .
Charleston, South Carolina .- Rain h a s f a l l e n o n t h r e e d a y s
d u r i n g t h e w e e k , t h e p r e c ip i a t i o n r e a c h i n g s i x t y - f i v e h u n ­
d r e d th s o f a n in c h .
T h e th e rm o m e te r h a s ra n ged fro m 7 5
to 9 5 , a v e r a g in g 8 5 .
Greenville, South Carolina.— W e h a v e h a d r a in o n o n e d a y
o f t h e p a s t w e e k , t h e r a in fa ll r e a c h i n g s e v e n h u n d r e d t h s o f a n
in c h .
A v e r a g e th e r m o m e te r 8 0 , h ig h e st 9 4 , lo w e s t 6 7 .
Florence, South Carolina.- I t h a s r a in e d o n t h r e e d a y s o f
t h e w e e k , t h e r a in f a ll b e in g o n e in c h a n d f i f t y - s e v e n h u n ­
d red ! h s .
T h e th e r m o m e te r h a s a v e r a g e d 8 4 , th e h ig h e s t
b e i n g 1 0 2 a n d t h e lo w e s t 6 7 .
Spartanburg, South Carolina.— W e h a v e h a d r a in o n t w o
d a y s o f t h e w e e k , t h e r a in f a ll r e a c h i n g f iv e h u n d r e d t h s o f a n
in c h .
T h e t h e r m o m e t e r h a s a v e r a g e d 8 4 , r a n g i n g f r o m 68to 100

60

THE CHRONICLE

Charlotte, North Carolina. — W c h a v e h a d r a in o n f iv e d a y s
o f t h e w e e k , t h e r a in f a ll r e a c h i n g s i x t y h u n d r e d t h s o f a n i n c h .
T h e th e r m o m e te r h a s ra n g e d fr o m 7 0 to 9 5 , a v e r a g in g 8 2 .
Greensboro, North Carolina. — W e h a v e h a d r a in o n t h r e e
d a y s o f t h e w e e k , t h e r a in f a ll b e i n g f i f t y - s e v e n h u n d r e d t h s o f
a n in c h .
A v e r a g e t h e r m o m e t e r 8 2 , h i g h e s t 9 8 , l o w e s t G 7.
Raleigh, North Carolina. — T h e r e h a s b e e n r a in o n t w o d a y s
d u r in g th e w e e k , th e p r e c ip ita tio n b e in g s ix te e n h u n d r e d th s
o f a n in c h .
T h e th e r m o m e te r h a s a v e r a g e d 8 4 , th e h ig h e st
b e in g 9 8 a n d th e lo w e st 7 0 .
fi W O R L D ’S S U P P L Y A N D T A K I N G S O F C O T T O N .—
T h e f o l l o w i n g b r ie f b u t c o m p r e h e n s i v e s t a t e m e n t i n d i c a t e s
a t a g la n c e th e w o r ld ’ s s u p p ly o f c o t t o n fo r th e w e e k a n d
s in c e S e p t . 1 f o r t h e l a s t t w o s e a s o n s , f r o m a ll s o u r c e s f r o m
w h ic h s t a t i s t i c s a r e o b t a i n a b l e , a l s o t h e t a k i n g s o r a m o u n t s
g o n e o u t o f s i g h t , f o r t h e lik e p e r i o d .

1910-11.

Cotton Takings.
Week and Season.

1909-10.

Season.

% eek.

W eek.

Season.

Visible supply June 23_________ 2,605,257
2,588.541
1 495,514
Visible supply Sept. 1__________
1,931,022
46,761 10,138,780
American in sight to June 30___ " 47", 501 11,513,556
44.000 2.370.000
15.000 3,089,000
Bom bay receipts to June 2 9 ___
14.000
385,300
11.000
Other India shlp’ ts to June 29 _ 442.000
1,000 1.008.000
Alexandria receipts to June 28 _
654.000
10.000
289,000
Other supply to June 28 * .........
13.666
249.000
• Total s l i p p y ________________ 2,721,758 17,061,970 2,674,302 i e , 503,802
• Deduct—
Visible supply June 3 0 ________ 2,433,133 2,433,133 2,450,755 2,450,755
288.625 14,628,837
178.625 10,943,937
110,000 3,684,900

T otal takings to June 3 0 ______
Of which A m erican__________
Of which other..... .....................

223.547 14.053.047
139.547 10.200.047
84,000 3,853,000

* Embraces receipts In Europe from Brazil, Sm yrna, W est Indies, &c.
IN D IA CO TTO N M O V E M E N T F R O M A L L P O R TS —
T h e r e c e ip t o f c o t t o n fr o m B o m b a y a n d th e s h ip m e n ts fr o m
a ll I n d ia p o r ts fo r th e w e e k a n d fo r th e s e a s o n fr o m S e p t . 1
fo r th ree y e a r s h a v e b e e n a s fo llo w s :

1910-11.

June 29.
Receipts at—

Week.

Bombay........ ......... .............
Exports
from—

Week.

44,000 2,370,000

Since
Sept. 1.

Week.

14,000 2,051,000

Conti­
nent.

Great
Britain.

6,000 11,000 17,000
3,000
3,000
8,000 7,666 15,000

Japan
& China.

57,000
93,000
23,000

845,000
920,000
556,000

Total.

559,001) 1,461,000
833,000 1,846,000
623,000 1,202,000

_
__
__

_
__

3,000
3,000
5,000

33,000
40,000
39,000

19,000
46,000
31,000

55,000
89,000
75,000

1,000

2.00C
2.00C

8,000
4.00C
4.00C

18,000
18,000
21,000

300
1,000
11,000

26,300
23,000
36,000

___

14,000
9,000
6,000 25,000

48,000 243,000
28,000, 294,000
19,000, 270,000

13,000
8,000
64,000

304,000
330,000
353,000

15,000 11,000 31,000
14,000
13,000
27,000 14,000 42,000

110,0001,139,000
128,0001,272,000
51,000, 886,000

__

.

2,000
1,000
9,000
8,000
18,000

__

R E C E IP T S

Alexandria, Egypt,
June 21.

L iv e r p o o l___________
M anchester- - ---------Continent --------------A m erica_____________

S H IP M E N T S .

1909-10.

1008-09.

8,000
7,564,509

3,000
4,905,275

8,000
0.060,450

This
Since
W eek. Sept. 1.

Since
This
W eek. Sept. 1.

This
Since
Week. Sept. 1.

208,813
3.500 217,997
2.500 386,812
118,244

149,037
119,807
4",260 287,119
59,767

1,750 186,183
4.250 207,321
2,500 336,778
2.250 86,304

Since Sept. 1____________
Exports (bales)—

AND

591,300 1.846.300
888,000 2,288.000
729,000,1,666,000

1910-11.

Receipts (cantars)—

Total exports------------- 6,000 931,866 4,250 615,730 10,750 816,586
N ote.— A oantar Is 09 lbs. E gyptian bales weigh abou t 750 lbs.
T h e s t a t e m e n t s h o w s t h a t t h e r e c e ip t s f o r t h e w e e k w e r e
8 ,0 0 0 c a n ta r s a n d th e fo r e ig n s h ip m e n t s 6 ,0 0 0 b a le s .
M A N C H E S T E R M A R K E T . — O u r r e p o r t r e c e iv e d b y c a b l e
t o - n i g h t f r o m M a n c h e s t e r s t a t e s t h a t t h e m a r k e t is s t e a d y f o r
b o t h y a r n s a n d s h ir tin g s .
S p in n e r s a re c o n sid e re d to b e
w e ll u n d e r c o n t r a c t .
YVe g i v e t h e p r i c e s f o r t o - d a y b e l o w
a n d le a v e t h o s e f o r p r e v i o u s w e e k s o f t h i s a n d l a s t y e a r f o r
c o m p a riso n .

1910.

1911.
8H lbs. Shirt- Cot'n
ings, common Mid.
UpVs
to finest.

32s Cop
Twist.
d.

d. H. d.

10 15-16(3) 11)4 6
10 15-16® 11)4 0
10)4
© nu 6
11
@
11 1-16 @
11 1-16®
10)4 @
10)4 ©

im
im
im
11H
im

____T__ „ „
Total bales.
N EW 4 O R K — T o L iverpool— June 23— Cedric, 340 upland 42 Sea
382
Is la n d ............................... . ................... ..................................................
T o Havre— June 24— Caroline, 9 foreign; Chicago, 400 upland,
66 Sea Island, 152 foreign_________________________________ . .
627
T o Bremen— June 28— Barbarossa, 3,735_______________________ 3 735
T o Hamburg— June 23— Blucchcr, 157 .
_
____-_
.
157
T o Barcelona— June 23— Madonna, 5 0 ..
__________
50
T o Genoa—-June 23— Berllu, 0 9 ___ June 27— H am burg, 6 5 0 ..
749
To Venice— June 26— Laura, 2 00______________
__________
200
GA LV ESTO N — T o Bremen— June 29— Kohn, 6,843
6,843
T o Hamburg— June 29— Memphian, 1,376
'
_ 1 37 6
, T 'F° Antwerp— June 23— 1T hurland Castle, 102. . . .
"
102
N EW
ORLEANS— To
Liverpool— June
27— Yucatan,
1.232
------ June 29— Mechanician, 9,500_________
_
io 732
T o Havre— June 30— Californio, 467______ .
.............. ....
’437
T o Bremen— June 29— Spanish Prince, 3,487
............3 437
T o Hamburg— June 30— Victorian, 1 ,2 2 3 ............
l ’ 223
5 ’803
T o Barcelona— June 28— Margherlta, 5,803_____
T o Genoa— June
28— Dinnamare,
2,900____June
30— Vai
Sallee, 2,500____________
5,400
S A V A N N A H — T o Antwerp— June 27— Zafra, 200_____
200
BOSTON— T o L iverpool— June 23— Bohem ian, 3 7 ____June 26—
Franconia, 7 ___________________________________________________
44
T o St. John— June 22— Calvin Austin, 185_________________ . . .
185
B A L T IM O R E — T o Havre— June 23— Philadelphian, 133 Sea Island.
133
___T o Bremen— June 28— Friedrich der Grosse, 1,700_______________ 1,700
P H IL A D E L P H IA — T o Liverpool— June 23— Merlon, 7 6 . . ......... ......
76
T o Manchester— June 24— Manchester Miller, 2 00_____ ________
200
SAN FRAN CISCO— T o Japan— June 29— Persia, 400_____________
400
Total

44,271

L I V E R P O O L .— B y c a b le fr o m L iv e r p o o l w c h a v e th e f o l­
lo w i n g s t a t e m e n t o f t h e w e e k ’ s s a l e s , s t o c k s , & c . , a t t h a t p o r t :

June 9.
Sales of the w eek__b ales. 9,000
Of which speculators t o o k ,.
1,000
Of which exporters to o k ____
____
Sales, A m e r ic a n .._____ _______ 7,000
Actual ex p o rt_______________ 4,000
F o rw a rd e d ___________________ 42,000
T otal stock— Estim ated______ 795,000
Of which A m erican_________604,000
Total Imports of the w eek____ 52,000
Of which A m erican________ 37,000
Am ount afloat________________ 107,000
Of which A m erican_________ 57,000

June 16.
26,000
1,000
2.00C
19,000
7,000
80,000
750,000
615,000
41,000
20,000
102,000
46,000

6
6
6
6
6




s. d.

d.

32s Con
Twist.

8.42 10)4
8.40 10)4
8.28 10)4

l)4 @ ll
1 )4 @ U
1J4®U
0)4®11
114®H

8.33
8.31
8.27
8.21
8.04

414
4)4
5
4
3

d. s. d.

d.

1)4©11 4
1)4@11 4)4
1H@11 4H

8 H lbs. Shirt- Cot'n
ings, common Mid.
to finest.
Upljs

©
©
©

n% 5
1 1% 5
11H 5

10 >A © l l H 5
10 15-16® l\% 5
10H © i l l * 5
10 9-16© 11 5 16 5
10)4 © 11)4 5

g, d.

d.

9 ©10 6
8J4©10 6
8)4@10 6

8.12
8.01
8.04

8 ©10
8 ©10
7 ©10
6 )4 © 10
5)4@ 10

7.94
8.29
8.03
8.05
7.86

5
6
6
5
4

June 23.
15,000
300
400
12,000
4,000
31,000
748,000
610,000
32,000
25,000
73,000
23,000

June 30.
35,000
300
100
30,000
7,000
83,000
705,000
558,000
46,000
17,000
68,000
19,000

T h e to n e o f th e L iv e r p o o l m a r k e t fo r s p o t s a n d fu tu r e s
e a c h d a y o f t h e p a s t w e e k a n d t h e d a i l y c lo s i n g p r i c e s o f
s p o t c o tto n h a v e b e e n a s fo llo w s :

Spot.

Saturday.

Monday.

Tuesday.

Wednesday. Thursday.

Easier.

More
demand.

Irregular.

Friday.

1
J

Mid. Upl’ds
Sales____
Spee.&exp.

HO LIDAY.

Quiet.

8.13

8.03

8.14

8.11

8.04

7,000
400

7,000
3,500

4,000
300

5,000
300

Futures.
Market 1
opened
/

Steady at
2@4 pts.
advance.

Steady at
)4© 1)4
pts. adv.

Market,
4
P. M.

Quiet at
2)4 @ 8)4
pts. dec.

Irregular
at 4@7)4
pts. adv.

1
}
J

Dull.

6,000
300

Steady at
3)4@ 5)4
pts. adv.

Quiet at
2@3 pts.
decline.

Quiet at )4
pt. dec. to
2)4pts.adv.

Quiet at
Stead)' ' t St’dy )4 pt.
1@4)4 pts. 3 pts. ucc. adv. to 1)4
advance. to)4pt.adv. pt. dec.

T h e p r ic e s fo r fu tu r e s a t L iv e r p o o l fo r e a c h d a y a r e g iv e n
b e lo w .
P r ic e s a r e o n th e b a s is o f u p la n d , g o o d
o r d in a r y
c la u s e , u n le ss o th e r w is e s t a t e d .

The prices are given in p ence and lOOths.

A L E X A N D R IA

May
12
19
28
J’ne
2
9
16
23
30

S H IP P IN G
N E W S . — A s s h o w n o n a p r e v io u s p a g e , th e
e x p o r ts o f c o tto n fr o m th e U n ite d S t a t e s th e p a s t w e e k h a v e
re a c h e d 4 4 ,2 7 1 b a le s .
T h e s h i p m e n t s in d e t a i l , a s m a d e
u p f r o m m a il a n d t e le g r a p h i c r e t u r n s , a r e a s f o l l o w s :

Market,
12:15
P. M.

Since Set tember 1.

Great Conti­ Japan
Britain. nent. &China Total.

_

1908-09.

Since
Sept. 1.

15,000 3,089,000

For the Week.

Bombay—
1010-11 ..
1909-10.1908-09.Calcutta—
1910-11 .
1909-10..
1908-09. .
Madras—
to 1910-11..
IS 1909-10..
1908-09..
All others—
1910-11-- 5,000
t§ 1909-10..
1,000
1,000
r- 1908-09..
---------ttBM
TotalTall—■
1910-11.. 5,000
1,000
1909-10..
1908-09-- 1,000

To
To
To
To

1909-10.

Since
Sept. 1.

[V O L . L X X X X I I I .

June 24

Sat.

Mon.

Juno 30. 12 H 4
p.m. p.m.
J u n e ___
June-July
July-A ug.
A ug.-Sep.
Sep .-Oct O ct.-N ov .
N ov.-D ee.
Dee .-Jan.
Jan .-F e b .
Feb.-M ch.
M ch.-Apr.
Apr .-May.

H O LIDAY.

12)4
p.m.
7
7
7
7
7
6
6
6
6
6
6

97
84
79
51
12
97
91
90
90
90)4
91)4

Tues.

Thus: 7 97 means 7 97-100d.
• W ed.

Thurs. |

Fri.

4 12M 4 12M
12)4 12 X
4 |12 X
4
p.m . p.m . p.m. p.m. p.Il). p.m. p.m.|p.m. p.m .
88 H
7514
70)4
43
06 Y,
93 14
88 H
87 H
8714
88
89

87
76
71
44
09
95 )4
90
89
89
90
91

92 14 98
81
85
76
80
49
53
14
17
0014 03J4
95
98 >4
94 H 97 54
94)4 97 !4
95)4 98 14
9614 9914

97
95
84
82
77
70
51 14 49
15
13
01 K> 99
96 )4 94
95 K 93
95 14 93
96 H 95 )4
97)4 94)4

94 l88
81 '81)4
77
77)4
49 '49)4
15)4 14
02
00 )4
97
05)4
96
94)4
96
94 14
97
0514
97)4 96)4

81)4
77)4
49)4
14
00 54
95)4
94)4
95
95)4
96)4

BREADSTUFFS.
Friday Evening, June 3 0 1911.g® |
F lo u r h a s m e t w i t h b u t a m o d e r a t e d e m a n d a t t h e b e s t
a n d m a n y g ra d e s h a v e b e e n d u ll.
T h e p o lic y o f b u y in g
o n l y a s i m m e d i a t e n e c e s s it i e s d i c t a t e is s t ill f o r t h e m o s t
p a r t a d h e r e d t o , n o r d o e s t h e r e a p p e a r m u c h li k e lih o o d
t h a t it w ill b e a b a n d o n e d u n t il t h e o u t l o o k f o r t h e w h e a t
c r o p a n d w h e a t p r ic e s c le a r s u p .
Q u o t a t i o n s h a v e b e e n in
t h e m a i n s t e a d y , t h o u g h th e d e p r e s s i o n in w h e a t w i t h i n a
f e w d a y s p a s t h a s n o t b e e n w i t h o u t it s e f f e c t .
I n M in n e a p ­
o lis t h e c o m m e n t is m a d e t h a t a s S e p t e m b e r a n d D e c e m b e r
w h e a t is s e lli n g f o r le s s in t h e M i n n e a p o l i s m a r k e t t h a n J u l y ,
i t is p o s s i b le t o b u y flo u r f o r p r o m p t s h i p m e n t c h e a p e r t h a n
fo r
n e w -c r o p s h i p m e n t a n d t h a t t h i s s h o u l d s t i m u l a t e a
d e m a n d f o r o l d - c r o p f lo u r .
A t S t . L o u i s p r o m p t f lo u r b u s i ­
n e s s l a g s , a n d a l t h o u g h t h e r e is s o m e i n q u i r y f o r n e w -c r o p
f lo u r , m ills d o n o t e n c o u r a g e i t .
A t K a n s a s C i t y t r a d e is
d u ll.
W h e a t , t h o u g h q u i t e s t r o n g e a r l y in t h e w e e k , h a s l a t t e r l y
d e c li n e d , o w i n g t o a m o r e f a v o r a b l e o u t l o o k f o r t h e c r o p a t
th e N o r t h w e s t .
T h e w e a th e r th e re h a s b e c o m e c o o le r .
In
f a c t , in a ll s e c t i o n s o f t h e w h e a t r e g i o n o f t h e U . S . t h e c o n ­
d it io n s o f g r o w t h h a v e i m p r o v e d .
S h o w e r s in t h e N o r t h ­
w est
have
been
b e n e fi c ia l
and
th e s a m e
is
tr u e
of
K an sas and N eb rask a .
T h e p r o s p e c t s a r e m u c h b e t t e r in
b o th N o r th D a k o ta a n d S o u th D a k o ta .
T h e y i e ld in K a n s a s

July

1 1911.]

TI1E CHRONICLE

a n d M i s s o u r i , i t n o w a p p e a r s , w ill b e la r g e r t h a n l h a s b e e n
ex p e c te d .
In
a
w ord ,
c o o le r
te m p e r a tu r e s
and
r a in s
or sh ow ers
have
w r o u g h t a n u n m is ta k a b le
change
fo r
th e b e tte r .
F rom
W in n ip e g s im ila r r e p o r ts h a v e
been
r e c e iv e d .
R e c e iv in g
and
cash
h ou ses
at
C h ic a g o
h a v e b e e n s e lli n g a g a i n s t n e w w h e a t , p a r t l y o n t h e b a s i s o f
h a lf a c e n t u n d e r J u ly fo r s h ip m e n t b y J u ly 2 0 .
C o m m is s io n
h o u s e s h a v e a t t i m e s b e e n g o o d s e lle r s o f S e p t e m b e r
The
s e n t i m e n t a t C h ic a g o o f l a t e h a s s w u n g t o t h e b e a r s id e
o w in g n o t o n ly to th e m o r e fa v o r a b le w e a th e r a n d c r o p n e w s
fr o m th e A m e r ic a n w h e a t b e lt , b u t a ls o o w in g to th e m o r e
c h e e r fu l t e n o r o f t h e c r o p r e p o r t s f r o m n o t a f e w f o r e i g n
c o u n t r ie s .
T h e s e l a t t e r h a v e b e e n r e f le c t e d t o s o m e e x t e n t
in a d e c lin e i n s o m e f o r e i g n m a r k e t s o r in a m a n i f e s t h e s i t a n c y
m o t h e r s a b o u t f o l l o w i n g t h e r e c e n t a d v a n c e in t h i s c o u n t r y
Q u o t a t io n s a t P a r is a n d B u d a p e s t h a v e a t tim e s b e e n s ig ­
n ific a n tly w e a k .
B e s i d e s , t h e w o r l d 's s h i p m e n t s l a s t w e e k
o m Cn n n - fchfi la rg C ^o t a l o f n >6 3 2 > 0 0 0 b u s h e l s , a g a i n s t 1 0 ,
9 o 0 , 0 0 0 in t h e p r e v i o u s w e e k a n d 7 , 5 6 0 , 0 0 0 in t h e s a m e w e e k
h is t y e a r .
C o u n t r y o f f e r in g s a t C h ic a g o h a v e l a t t e r l y b e e i
l i b e r a l , in m a n y c a s e s a t o n e c e n t u n d e r J u l y o n t r a c k t h e r e
l e t e a r y in t h e w e e k t h e t o n e w a s d i s t i n c t l y fir m
F rom
ta lk o f h o t a n d d r y w e a th e r a t th e N o r t h w e s t th e r e w a s a
c h a n g e t o p r e d i c t i o n s o f t o o m a r k e d a d r o p in t h e t e m p e r a ­
tu r e
F r o s t o c c u r r e d in t h e D e v i l 's L a k e r e g i o n , t h o u g h
n o d a m a g e r e s u l t e d , a s t h e c r o p is n o t s u f f i c i e n c y d e v e l o p e d
t o b e in ju r e d b y s u c h a c a u s e .
B u t th e str e n g th o f co rn a n d
o a t s f o r a t i m e a i d e d t h e b u l l s in w h e a t .

D A IL Y CLOSING PR IC E S OF OATS IN NEW YO RK
*
Tues. Wed. Thurs. F ri.
S ta n d a rd s ___
4 7 % 49
N o. 2 w iute------------ m i n i m u m ? %
49% 49%
48
4 9 % 50
50
D A IL Y CLOSIN G P R IC E S OF OATS P U T U R B S J N C H IC A G O ^ '
SpnMmhVC7 In cIevatOI*.................. *40 ii ^
i’w m ni,ber d elivery In elev ato r..........41 % a
D ecem ber d elivery In ele v ato r____ 4 3%
4„^..
Ih e

th e

m arket

by

p a lp a b le

m a n ip u la tio n

or

m u a L f
p • Cr T a h e r o n i m c c s w ° u l d
h a v e been
m ark ed .
I r ic e s t o - d a y w e r e ir r e g u l a r .
J u ly a t th e
d e c lin e d u n d e r h e d g i n g s a l e s , w h ile l a t e r p o s i t i o n s
h ig h e r o n u n fa v o r a b le w e a th e r r e p o r ts .
1
c l o s in g

p r ic e s

of

w h eat

m ore
W est

were

futures

N o. 2 red
o° t i ,
July delivery ln e l e v & t o r l l l l l l l 94 % gg
Septem ber d elivery In elev ato r........ 94 % 95 %

r e p o r ts of d r y

h o t w e a t h e r a t t h e S o u t h w e s t a n d a s s e r t io n s

“

h e «S f°P h a s b e e n d a m a g e d in K a n s a s , O k l a h o m a a n d
rinm u
f s t a t e m e n t s t h a t t h e s e a s o n ’ s m o i s t u r e t h u s f a r is
f lm n o ^ e l a V e rh a - •n,10rc o r -lc s s ofr° c t M o r e o v e r , s h o u ld
is b e h e w d
V u ' h , " 11! 1 m a t ,erfi a l l y ’ a s 80,110 P r e d i c t it w ill , it
is b e lie v e d h a t t h e d e m a n d f o r c o r n w ill b e correspondingly
m croasod .
f h e s p e c u l a t i v e e l e m e n t is b u lli s h a n T b u y ” ® *
a ll d e c li n e s .
C a sh p ric e s h a v e b e e n n o tic e a b ly s t r o n g , a n d
r e p o r t s o f e x p o r t b u s in e s s h e r e o n W e d n e s d a y — 2 2 l o a d s —
w e re n o t w it h o u t th e ir e ffe c t.
Y e t o f la t e th e w e a t h e r c o n
d it io n s a t th e W e s t h a v e im p r o v e d .
G o o d r a in s in N e b r a s k a
i n d g e n e r a lly th r o u g h o u t th e S o u th w e s t h a v e r a th e r d a m p E
m v i ? r som e, o f t h c I’ " 11 « l> o c u la t o r s .
I t is b c l S v c d
w o id d hu v p 111 10nS o f , g r o w t h a r c f a r b e t t e r t h a n th e b u lls
w o u l d h a v e t h e g e n e r a l p u b li c b e l i e v e .
L a t t e r l y c a s h p r ic e s
J h T w S ' ^ - O o f b u s h e f r ^ Sf ° c k a t C ld c a g o Y n c CreSasePdn S
1 1 c w e e k o o ljU U U b u s h e l s , a n d n o w a m o u n t s t o 1 9 1 4 0 0 0
b u s h e l s , o r n e a r l y 1 , 0 0 0 , 0 0 0 b u s h e ls m o r e t h a n a y e a r a g o
1 h e A m e r i c a n v i s i b le s u p p l y in c r e a s e d f o r t h e w e e k 1 4 2 0 0 ( 6
b u s h e l s , a g a i n s t 8 1 , 0 0 0 la s t y e a r .
T h e w o r l d ’s s h i p m e n t s
fo r th e w e e k w ere 5 ,0 8 5 ,0 0 0 b u s h e ls , a g a in s t 4 ,4 0 5 ,0 0 0 S
year
l o - d a y p r ic e s a d v a n c e d o n r e n e w e d c o m p l a i n t s o f
h o t , d r y w e a t h e r in t h e S o u t h w e s t .
1 1
ot

D A IL Y CLOSING PR ICE S OF NO. 2 M IX E D CORN IN NEW YORkT
Cash corn
Snl’ M on - Tues. Wed. Thurs. F ri. ’
July dc,.vcrVM uY.cvaiorLLL\\\-;;;;0niOm- f f g ’ f f j g * $ ? “ •
ft™
D A IL Y CLOSING PR IC E S OF CORN FU T U R E S TN C H IC A G O
July delivery In elevator
H V 1' T^ ef : Wed. T h un F ri.
Septem ber delivery In e lev ato r..........5 7 y. 'l l 7, f n A
£7 % 58 %
D ecem ber delivery In e l e v a t o r l l l l l o a %
gg
57% g g % tld l
O a ts a d v a n c e d s h a r p ly ,t h o u g h t h e y h a v e r e a c te d a t tim e s
u n d e r th e p re ssu re o f p r o fit-ta k in g .
T h e r e is a g r o w in g b e li e f t h a t t h e c r o p w ill b e c o n s i d e r a b l y s m a l l e r t h a n th e
la s t o n e .
S o m e v e n tu re to p re d ic t a d e c r e a s e o f 3 0 0 ,0 0 0 0 0 0
b u s h e ls .
1 h is a n d a n id e a t h a t t h e h a y c r o p w ill a l s o b o s h o r t
o x p b u ".,

.Z

th e

b u ll

fli r s o l " °

s p e c u la t io n

UT

p a st.

w h ic h

has

b «n

g o in g

b u E ^ o r E r i s e 0' W
, u°a , s a n “
have S Z m l e d
p . i 1 i 101 ,a 11S0,
W e l l - k n o w n m e m b e r s o f t h e G h iV io r .
tra d e h a v e b e e n g o o d b u y e r s a n d th e m a r k e t h a s a t th n e s
b een e x c ite d .
S e p t e m b e r h a s to u c h e d th e h ig h e s t p o in t o n
th is m o v e m e n t .
S e n s a t i o n a l r e p o r t s o f H om nrJ.
1 )0 1 1C. 0,1
c i r c u l a t e d , a s is t o b e e x p e c t e d in t h e m i d s t o f e f e i t e d s p e c u ­
la tio n .
In 2 4 h o u r s p r i c e s a t C h ic a g o a d v a n c e d 3 K c e n t s
Y e t th e c ro p o u tlo o k m u s t h a v e b e e n im p r o v e d b y th e r e c e n t
n in s a n d t h e s t o c k a t C h i c a g o , i n c r e a s i n g 3 8 1 0 0 0 b u s h e ls
t h a n ? 0 0 0 eo 6 o 8 h u s h ? T
‘ “ ' T ’ 0 0 0 b ' « h f l s t liir o , o r m o r e
t n a n 8 , 0 0 0 , 0 0 0 b u s h e l s la r g e r
a year ago.
T h e A m e r i­
c a n v i s i b le s u p p l y in c r e a s e d f o r t h e w e e k 1 6 8 0 0 0 b u s h e ls
a g a in s t a d ecrea se
th e s a m e w e e k la s t y e a r o f 5 5 0 o n 6

than

bushels

for

C o u n try

o f f e r in g s

of

new

oats an increasing

c r o n &a d v “ cMr e b S ? Vl n E t a t r i .St ° " , c o n U n u e d u n f a v o r a b l e
c r o p a d v i c e s , b u t l o s t t h e g a i n u n d e r r e a l iz in g s a l e s a n d
c lo s e d s l i g h t l y b e lo w t h e p r e v i o u s c lo s i n g fig u r e s .




4

43%
44 %
46%

4 75

G R A IN .
W heat. p.er bushel— f.o .b ,
Corn, per bushel—
N. Spring, N o. 1............j i or>,A
N °- 3 .....................f.o .b .
N. Spring. No. 3 .............._ \ 03 %
S team er----------- elevator
Red winter. N o. 2 . .
a tu
w o. 3
— elevator
Hard winter. N o. 2 . . .............Nom
Oats, per bushel, new—
rJ n tl' R ye. per bushel—
N °- 2 W estern-----------S t a n d a r d s ... ...
c e r n3No. 2 white_____
y.
av,d Pennsylvania
no 3 white____ : : : : : : : : :
f o i l Barley— M a ltin g -------- ----- 1

Total wk. ’ ll
Same wk. ’ 10
Same wk. ’09

cents
65%
Nominal
Nominal
Nominal
Nominal
20(g)! 25

L in f1

Flour
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls,196lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.mbs
bu. 56 lbs.
104.792
157,200 3,214,050
1,758,000
111,000
4,000
68,200
125,430
120,910
345,100
106,600
6.120
11,400
282,345
116,593
155,623
259
1,183,110
115,350
244,300
71.000
7,700
33,000
55,800
31,500
5,155
23,382
50,200
4S.824
394
9,640
78,420
30,642
46,820
164,562
594,000
523,600
1,400
2,127
60,400
5,000
189,429
171,696
12,000
193,400
396,800
193,800
297,161 2.177,069 4,931,552
3.503.6851 302,259
19,947
254.844 2,287,374 3,218,247
2,336.560
98,290
365.844
1,628,002 2,963,730 2,498,464 1,190,802
1,053.549
75,360

Since Aug. 1
1910-11 . . JL481.831 203,969,156 262,652,704
178,896,419 62,075,728 5,072,975
1909-10... 18 773 Ifiil V i: Inn I in 1
6,617,321
6.165,783

?i?;s i s s g fig g

th J t1 k r? „td L 0Lflo°U
2Y in9Ug? E v :th0 S°ab0ard POrts f°r

„
,
Receipts at—
New Y o r k ____
P oston.............

Flour,
bbls.
162 701
31,650

Ph iladelphia.........

Baltimore..............
New Orleans * ___
Galveston............ ..
Mobile. .................
Montreal........ .

I

S

Wheat,
bush.
325,200
76.974
153,161
117,493

59,997

21,092
30 547
"3,666
39>443

- - l i

i

Com,
bush.
373,500
71.000
12,644
292,926
253,900
4,000
22,500
486,525

17,000
5461674

Oats,
bush.
483,425
108,587
115,229
77,169
68,600

Barley,
bush.
5,100

761,900

23,200

Rye,
bush.
5,680
1,259
800

2,143

3,000

1,000

8,739
351,426
1,150
410,014

4 B S

Sinee^an. l ^ L s . O S O ^

ai.TOOiaif

i8

on\hrough bins m Vadln^0 gra‘n passlng throu8h Ncw

lor foreign ports

o n d h m JuPn0er 2 4 f 1 Q n ^
T 0™ 1 8eab o a r d p o r ts fo r th e w eek
m g J u n e 2 4 1 9 1 1 a r e s h o w n in t h e a n n e x e d s t a t e m e n t ­
, ,
Wheat,
Corn, Flour.
Oats,
Rye, Barley, Peas,
Exports from —
bush.
bush.
bbls
bush.
bush.
bush.
bush.
Y o r k .......... 220,858
171,740 93?170
4,768
887
B oston-------------17,933
115,229 2 557
35,545
Philadelphia----91,000
........ ..
7000
S ifi11" 0™............
48,000
74.957 is ’,362
20
2,100
100
..........
170’000
a Z e s t o n T !::::
1,164
7,466
Mobile____ _____
22,500
3,000
Montreal........ III 519.000
154,000 36,000
197,000 ____
"H I
Total week----- 896,791
709,590 184.923 239,43.3 . . . ~ 7 7 7
987
Week 1910.......... 636,402
162.462 131,471 394,950
......... 63,666
5,627

July? m o " f i s befow E CXP° rtS f° r " ‘° Woek and
Flour----------------------Wheat -----------------------Com-----------Since
Since
since
July 1
Week
July 1
Week
July 1
1910. June 24.
1910. June 24.
1910.
bbls
bush.
bush.
bush.
bush.
4 312 756 699,660 35,722,459
286,682 21,902.645
t w l ’. l l l
192,014 21,422,962
182,442 23,029,527
1,100,110
4,800
378,693
165,364 2,840,054
1.261,756
317
8.529
57,122 1,670,484
79 045
...........
14,404
234,'462
........
251666
17,980
74.728

W €Ck
Exports for week and June 24
Since July 1 to—
bbls.
United K ingdom ... 61,522
S n T ' r J - r V - - " 71.939
Sou. & Cent. Amer. 23.965
West Indies........ . 27.383
Brit. Nor. Am. Cols.
Other Countries___
114

896.791 57,557,643
636,402 83,685,301

on

G o v e r n m e n t re p o rts p o i n t f ig to

43%
44 %
4 6%

FLOUR
w inter, low grades____$2 75@ S3 25
Kansas straights. s a c k .J 4 0 0 @ «4 45
CO®
Winter stra ig h ts ______ 4 00@ 4 25 Kansas clears, s a c k s ... 3 3 5 ® 3 70
5 9 0 ® 6 30
p a t e n t s ..............
Winter cle a r s ..
3 4 5 ® 3 7 0 City
R ye H o u r ................ ........ 4 8 5 g, 5 50
^prlngr p a t e n t s . . : ; : : : : 5 0 0 ® 5 25
3 9 0 @ 4 00
Spr gr straights............; 4 4 0 ® 4 60 Graham flour..............
Spring clears----------------- 3 9 0 @ 4 25 Corn meal kiln d r ie d .. 2 8 5 @ 3 00

W n er patents.............

Chicago . .
Milwaukee..
Duluth
Minneapolis.
T oledo____
Detroit
Cleveland . .
St. Louis__
Peoria
Kansas City.

th e

I n d i a n c o r n , t h o u g h i t h a s s h o w n more o r le s s irregularity
h a s a lso p la in ly e x h ib ite d a t e n d e n c y to a d v a n c e , o w in g to

43%
44 %
46

la k e a n d r i v e r p o r t s f o r t h e w e e k e n d im r h S , t
s in c e A u g u s t 1 f o r e a c h o f th e

i n n e w Y O RK .
TJiei : W cd- 1'fiurs. F ri.
94%
IV 6
ij(5% 04 j f
04% 04 %
95%
D A IIA c l o s i n g p r i c e s o f W H E A T FU T U R E S i n C H IC A G O
July delivery In elevator
« « , '/ AZ2n ~ T“ e*; W ed- Thurs. F ri.
September delivery (u elevator
88 P an 1/
SV 6 5a A
® X 89
December delivery^ In c l e v a t o r l l l l l o i ^
IV &
^
g® #
d a il y

43%
44%

f o l l o w i n g a r e c lo s i n g q u o t a t i o n s :

Receipts at—

su p p o r tin g

01

709,590 49,531.842
162,462 28,719,880

llie world’s shipments of wheat and corn for the week
ta tlwfoZwtag:

a” d Sin°° JU'y 1 1910 “ nd 1009 are sh°'™
Wheat.

Exports.

North Amer.
R u ssia. .
Danube___
Argentina . .
Australia__
India..........
Oth. countFs
T o ta l...

1910-11.
Week
June 24,

Since
July i.

Bushels.
1.960.000
4.024.000
632.000
1.816.000
608.000
2.552.000
40,000

Bushels.
128.675.000
221.288.000
86.714.000
89.562.000
56.152.000
51.988.000
7,800.000

Corn.
1909-10.
Since
July 1.

1910-11.
Week
June 24.

Bushels.
Bushels.
138.221.000 520,000
213.752.000 2.015.000
20.658.000 2.550.000
58.076.000
39.664.000
|
146,328,000

Since
July 1.

1909-10.
Since
July 1.

Bushels.
Bushels.
44.566.000 28.770.000
27.698.000 18.259.000
79.898.000 28.337.000
55.516.000 70.321.000

......

— ........
m in i11632000 642,179.000 516,699.001? 5,085,000
207.678,000 145,687,000

m e n tio n e d w a s a s fo llo w s :

on dates

T h e v a l u e o f t h e s e N e w Y o r k e x p o r t s s in c e J a n . 1 h a s b e e n

Corn.
United
Kingdom. Continent.

United
\Kingdom.

Total.

25.448,000;21,656,000
1911
25.108,000
1911 , 25,160,000
.
1 9 1 0 ..|24,080,000 9,920,000
1909” 22,000,000 15,520,000
i o n s ,- 16,880,000 11,520,000

Total.
Bushels.

Bxishels

Bushels.

Bushels.
June 24
June 17
June 25
June 26
June 28

[V o l . L x x x x n i.

THE CHRONICLE

62

47.104.000
50.328.000
34,000,000
6 7,520,000
60,400,000

5.933.000 7,293,000 13,226,000
6.078.000 1 6,536,000,12,614,000
5.695.000 ! 6,375,000 12,070,000
8,100,000,12.410,000 20,570,000
4,930.000 . 8,755,000! 13,685,000

T h e v i s ib le s u p p l y o f g r u in , c o m p r i s i n g t h e s t o c k s in
g r a n a r y a t p r i n c ip a l p o i n t s o f a c c u m u l a t i o n a t l a k e a n d
s e a b o a r d p o r t s J u n e 2-t 1 9 1 1 , w a s a s f o l l o w s :
AM ERICAN G R A IN STOCKS.

Wheat,
bush.

Corn,
bush.

New York ......................
395,000
B o s t o n ......... ...................
294,000
171,000
P h iladelph ia......... ........
Baltim ore........................
75,000
New O rlean s..................
6,000
G alveston________
61,000
B u ffa lo_______________ 1,521,000
T o l e d o .......................... 238,000
D e tr o it_______________
134,000
C h ica go............................ 8,167,000
M ilw aukee_____ - - - 18,000
D u lu th _________
2,372,000
M inneapolis--------- ------- 8,589,000
St. L o u is ............. ........... 1,008,000
Kansas C ity....................
481,000
Peoria................................................- Indianapolis___________
123,000
O njL akes_____________
637,000
226,000
On'Canal and lllv e r .. .

473.000
127.000

Oats,
bush.

10,000

352.000
204.000
10,000
959.000
137.000
188.000
1,914,000
279.000
274.000
275.000
440.000
355.000
26,000
331.000
1,000,000
99.000

9,000

26,000
85,000
106,000

1,000

501,000
173.000
6,000
4,918,000
243.000
530.000
534.000
74.000
68.000
844.000
157.000
412.000
363.000

9.632.000
7,456.000
Total June 24 1911--24.51U.00I)
6.036,000 10,153,000
1911..25,043,000
4.792.000
5,614.000
1910- .13,143.000
6.287.000
3,374,000
Total June 26 1999.-11,280.000
CAN AD IAN G R A IN isTOCKS.

Wheat,
bush.
____
548.000
Montreal_______
. . 1,751.000
Fort W illia m ...
Port Arthur------ ______ 1,300.000
Other Canadian. ............ 1,065.000
1911-- 4,0(14,000
1911-- 5.084.000
Total June 25 1910-. 4,020,000

Oats,
bush.

Corn,
bush.

324,000

324,000
118,000
64,000
SUM M ARY.

Barley,
bush.
20,000

Rye,
bush.

592,000

392,000
5,000
85,000
5,000

101,000

58,000
3,000
7,000

22,000
104,000

27.000
22.000
406.000
170.000

789.000
839.000
1,448,000
697.000

Rye,
bush.

Barley,
bush.

809.000
1.700.000
1.453.000
831.000

29.000

4.793.000
4.597.000
572,000

29.000
31.000
113.000

Barley,
bush.

Wheat,
bush.

Corn,
bush.

Oats,
bush.

Rye,
bush.

9.632.000
4.793.000

27,000

C an adian ---------............. 4,664,000

7,456,000
324,000

789.000
29.000

7,780,000
6,151,000
5,678,000
•! {OI ooo

14.425.000

27.000

818,000
870.000
1,561,000
813.000

Total
Total
Total
Total

June
June
June
June

24
17
25
26

1911.-29.180.000
1911-.30,727.000
1910.-18,088,000
1903-.13,996.000

11.750.000
5.364.000
6.848.000

22.000
406.000
170.000

$ 1 1 , 2 9 0 , 4 5 7 in 1 9 1 1 , a g a i n s t $ 8 , 1 7 0 , 9 9 0 i n 1 9 1 0 .
S o m e lin e s o f d o m e s t i c c o t t o n s w e r e in f a ir r e q u e s t , a l ­
t h o u g h in d iv id u a l o r d e r s , as fo r s o m e t im e p a s t , w e r e lig h t a n d
in v a r ia b ly to c o v e r p r e se n t or n e a r -b y r e q u ir e m e n t s .
The
a ll f o r b l e a c h e d c o t t o n s w a s m o d e r a t e a n d t r a d e u n e v e n l y
d is tr ib u te d .
C e r ta in s ta p le g in g h a m s m o v e d s t e a d i ly , b u t
n e w s p r i n g li n e s c o n t i n u e d t o d r a g .
C o a r s e , c o lo r e d c o tto n s
s h o w e d n o i m p r o v e m e n t , d e m a n d b e i n g l i g h t a n d p r ic e s
u n s a t i s f a c t o r y t o s e lle r s , w i t h t h e r e s u l t t h a t m i l l s a r c
s t e a d ily c u r ta ilin g o u t p u t .
P r in ts , tic k in g s a n d o th e r sta p le s
w h ic h m u s t b e o r d e r e d n o w t o s e c u r e d e s ir e d d e li v e r i e s w o re
t a k e n b y s o m e o f t h e s m a l l e r j o b b e r s w h o s e n e e d s in t h e n e a r
f u t u r e a r e p r e t t y w e ll d e f i n e d ; t h e l a r g e r j o b b i n g h o u s e s h a v e
s h o w n n o d is p o s itio n to a n t ic ip a t e fa r a h e a d .
D e n im s a n d
b ro w n c o tto n s w ere q u ie t b u t fir m .
I n th e e x p o r t d iv is io n
m o d e r a t e s a l e s o f d r i lls o n t h e b a s i s o f 8 c . le s s 2 % , a n d o f
.5 0 s h e e t i n g s o n t h e b a s i s o f 6 J ^ c . le s s 3 % , w o r e r e p o r t e d
fo r R e d S e a p o r t s , a n d C h in a t o o k lim ite d q u a n t it ie s o f
v a r io u s sh e e tin g s ;
b u s in e s s w ith m is c e lla n e o u s p o r ts w a s
q u ie t o u ts id e o f a fa ir d e m a n d fr o m M a n ila .
T h e p r in t c lo th
m a r k e t ru le d q u ie t ;
c e r t a i n c o n s t r u c t i o n s w e r e o f f e r e d in
s m a ll lo ts fo r s p o t a n d n e a r -b y s h ip m e n t a t a s h a d e b e lo w
o p e n q u o t a t i o n s , w i t h o u t m u c h r e s p o n s e f r o m b u y e r s , w h o fo r
th e tim e b e in g a re a w a it in g d e v e lo p m e n t s .
P r ic e s s h o w m o r e
o r le s s i r r e g u l a r i t y ; g r a y g o o d s , 3 8 J fl-in e h s t a n d a r d , a r e n o w

THE DRY GOODS TRADE.

q u o te d a t 5 c . to 5 1 -lC c .
W O O L E N G O O D S .— T h e p r im a r y m a r k e t fo r w o o le n a n d
w o rste d fa b r ic s , b o t h m e n ’ s w e a r a n d d re ss g o o d s , w a s v e r y
d u ll a s r e g a r d s n e w f o r w a r d b u s i n e s s .
U r g e n t re q u e sts fro m
la r g e c l o t h i n g m a n u f a c t u r e r s f o r i m m e d i a t e s h i p m e n t o f
h e a v y -w e ig h t g o o d s u n d e r o rd er c o n tin u e d to b e r e c e iv e d ,
w h ile c lo t h j o b b e r s a n d o t h e r s s e n t in m o d e r a t e d u p l i c a t e
o r d e rs o n s u itin g s fo r p r o m p t s h ip m e n t , w ith o c c a s io n a l re ­
q u e s ts to a n tic ip a te d e liv e r ie s .
S t o c k s g e n e r a lly are re ­
p o r t e d a s l i g h t in f ir s t h a n d s .
A d d i t i o n a l m e n ’ s w e a r lin e s
o f c h e a p c o tto n w o r s te d g o o d s fo r s p r in g w ere o p e n e d , b u t
th e; b u s in e s s p l a c e d a g a i n c o n s i s t e d p r i n c i p a l l y o f s a m p l e
D ieces.
F a n c y w o o le n s u itin g s fo r s p r in g a re e x p e c te d to
)e o p e n e d f o r n e x t w e e k , a n d s t a p l e w o r s t e d s s u b s e q u e n t l y ;
f a n c y w o r s t e d s , h o w e v e r , m a y n o t b e s h o w n u n t il t h e l a t t e r
p a r t o f J u l y , o r u n t il t h e t a r if f o u t l o o k b e c o m e s c l e a r e r .
F O R E I G N D R Y G O O D S .— I m p o r t e d w o o le n s a n d w o r­
s t e d s o f f e r e d f o r t h e s p r i n g s e a s o n w e r e f a i r l y w e ll p a t r o n i z e d ,
b u t d e m a n d w as n o t a c tiv e .
B u s i n e s s in d r e s s l i n e n s f o r
q u ic k d e liv e r y w a s s t im u la t e d s o m e w h a t b y w a r m e r w e a th e r ;
f o r w a r d b u y i n g o f a ll lin e s c o n t i n u e d s l o w .
A fa ir tr a d e w a s
r e p o r t e d in b u r l a p s ; p r i c e s r u le d s t e a d y a t 3 . 9 0 c . f o r l i g h t ­
w e ig h ts a n d 5 .3 0 c . to 5 .3 5 c . fo r lO j/j-o u n c e g o o d s .

iVet!> Yo,k, Friday Night, June 3 0 1 9 1 1 .
Q u i e t n e s s p r e v a i l e d t h i s w e e k in p r a c t i c a l l y a ll d i v i s i o n s
o f th e te x tile m a r k e t s , b o th p r im a r y a n d s e c o n d a r y .
The
Im p o r ta tio n s a n d W a r e h o u s e W ith d r a w a ls o f D r y G o o d s .
a p p r o a c h o f t h e h o l i d a y r e s t r ic t e d o p e r a t i o n s g e n e r a l l y , b u t
o t h e r fa c to r s c o r itr ib u e d to th e d u ln e s s .
I n w o o le n s a n d
T h e im p o r ta tio n s a n d w a re h o u se w ith d r a w a ls o f d r y g o o d s
w o r s t e d s , fo r in s t a n c e , th e im m in e n c e o f th e n e w s e a s o n a n d
a t t h i s p o r t f o r t h e w e e k e n d i n g J u n e 2 1 1 9 1 1 a n d s in c e
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p o i n t s s p e c if ie d in t h e t a b i c b e l o w :

New York to June 24Great Britain__________
Other European_______
China____________ ______
A rabia--------------A frica — ......... W est Indies-----M e x ic o .. ---------Central A m ericaOther countries----------------------------

Since
Week. J a n .1.
421
16
512
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15.221
10,763
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19,468
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19,689

3,407
Total - - _________________________ _-3.407




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69
103
377
20
331
657
1,769

S in ce
Jan. 1.
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587
33,690
7,198
5,654
1,833
13,719
946
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24,739
21,941

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July

1 1911.

THE CHRONICLE

63

Som e o f the warrants sought to be funded In that proceeding were for
claims incurred within the current fiscal year which expires June 30th.
W e held that such warrants could not be funded prior to the last date for
the paym ent o f taxes for the current year or perhaps not within the year.
W e also held that warrants Issued for claims o f Indebtedness in excess of
the Income and revenue provided for the year were void and could not
be funded, and that they could not becom e a liability of the city In any
event, unless m ade so b y a vote of the people.
A u b u r n , C a y u g a C o u n t y , N . Y . — Bonds Declared Valid.— •
The Board o f Education of Oklahoma City has only been m aking a
five-mill levy for school purposes. Under our constitution ten mills addi­
A c c o r d in g t o th e S y r a c u s e “ P o s t-S t a n d a r c l” o f J u n e 2 9 .
tional
(fifteen mills In all) can be levied, but the excess over five mills must
S u p r e m e C o u r t J u s t ic e N a t h a n M ill e r , o f C o r t l a n d , h a s
be with the assent of the people at an election called for that purpose.
d e n i e d t h e m o t i o n o f C . F . I t a t t i g a n f o r a n i n j u n c t i o n re­
Should this bond issue fall in the Supreme Court an election will be called
hy the Board o f Education for an additional levy over five mills to make up
s t r a i n i n g M a y o r O ’ N e ill a n d C i t y C le r k H a n l o n f r o m s ig n in g
this deficit. There Is no question but that such an election would carry:
a n d s e l l i n g t h e $ 5 3 , 0 0 0 b o n d is s u e a u t h o r i z e d b y t h e C o m m o n
but the local authorities decided to first resort to the funding bond law,
and at least to get the doubtful legal questions settled.
C o u n c il o n J u n e 1 5 , a n d t a x e d t h e c o s t s o f t h e m o t i o n u p o n
A five-mill levy In Oklahoma City produces approxim ately $250,000,
M r. R a ttig a n .
whereas It requires over $300,000 to run the city schools.
Very respectlully,
C o n n e c t i c u t . —Senate Rejects Federal Income Tax Amend­
TH E A TTO R N EY GENERAL,
ment.— B y a v o t e o f 2 0 t o 8 t h e S e n a t e o n J u n e 2 8 r e je c t e d
By REEVES.

News Items.

a r e s o lu tio n r a tify in g th e p r o p o s e d I n c o m e T a x A m e n d m e n t
to th e F e d e r a l C o n s titu tio n .
T h e H o u se h a s n o t y e t v o te d
u p o n th e a m e n d m e n t.
D a l l a s , T e x . —Recall Provision of City Charter Upheld. —
O n J u n e 2 3 a m a jo r it y o f th e S ta t e S u p r e m e C o u r t, J u d g e s
B r o w n a n d R a m s e y ( J u s t ic e D ib r e l l d i s s e n t i n g ) s u s t a i n e d th e
re c a ll p r o v i s i o n o f t h e c i t y c h a r t e r .
T h e c a s e s d e c id e d w e re
file d b y A r t h u r L e f e v r e a n d S h e a r o n B o n n e r a g a i n s t m e m ­
b e r s o f t h e B o a r d o f E d u c a t i o n e le c t e d a t a r e c a ll e le c t io n
h e ld A p r i l 4 .
T h e S u p r e m e C o u r t a ffir m s th e ju d g m e n t o f
t h e C o u r t o f C iv il A p p e a l s a n d J u d g e F o r c e o f t h e F o u r ­
te e n th D is tr ic t C o u rt.

J.

H oboken, N .
— Commission Plan of Government De­
T h e e le c t o r s o n J u n e 2 7 , b y a v o t e o f 2 , 9 6 9 “ f o r ” t o
4 , 9 2 2 “ a g a i n s t , ” d e f e a t e d t h e p la n t o a d o p t t h e c o m m i s s i o n
orm of g o v e rn m e n t.
See V . 9 2 , p . 1 6 5 2 .

feated.—

I l l i n o i s . — Legislature Rejects Deep-Waterway Bill.— P r e s s
d i s p a t c h e s f r o m S p r i n g f ie l d s t a t e t h a t t h e S e n a t e d e e p ­
w a t e r w a y b i l l , f o r t h e p a s s a g e o f w h ic h t h e L e g i s l a t u r e w a s
c a ll e d in e x t r a s e s s io n o n J u n e 1 4 ( V . 9 2 , p . 1 5 7 7 ) , w a s d e ­
f e a t e d in t h e H o u s e o n J u n e 2 9 .
A H o u s e j o i n t r e s o l u t io n
p r o v id in g fo r a d jo u r n m e n t to O c t . 2 w a s a d o p te d b y a v o te
o f 5 8 to 4 7 in th e S e n a t e .
M a s s a c h u s e t t s . — House Rejects Initiative and Referendum
Amendment.— A p r o p o s e d c o n s t i t u t i o n a l a m e n d m e n t p r o ­
v i d i n g f o r t h e i n i t i a t i v e a n d r e f e r e n d u m w a s d e f e a t e d in th e
H o u s e o n J u n e 2 7 b y a v o te o f 1 2 5 “ fo r ” to 7 5 “ a g a in s t” — a
tw o -t h ir d s a ffir m a t iv e v o t e b e in g n e c e s s a r y to c a r r y .
The
p r o p o s e d a m e n d m e n t w a s r e c o n sid e r e d o n J u n e 2 8 a n d d e ­
fe a t e d a s e c o n d tim e b y a v o t e o f 1 1 7 “ f o r ” to 7 9 “ a g a i n s t .”
Death of State Auditor.— H e n r y E . T u r n e r , S t a t e A u d i t o r ,
d i e d a t 1 1 : 5 0 o ’ c lo c k l a s t W e d n e s d a y n i g h t (J u n e 2 8 ) a t h is
h o m e in M a l d e n .

J.

N e w B r u n s w ic k , N .
— Voters Defeat Commission Plan.—
T h e p la n to a d o p t th e c o m m is s io n fo r m o f g o v e r n m e n t w a s
d e f e a t e d in t h i s c i t y o n J u n e 2 7 b y a v o t e o f 1 , 3 1 5 “ f o r ” t o
2 ,5 0 0 “ a g a i n s t .”

Portland, Ore.—Ordinance for Election on Commission
Form of Government Vetoed.—On June 22 the Mayor vetoed

the ordinance providing for a special election to be held
Jan. 9 1912 on the commission plan of government. In his
veto message, the Mayor says:

The ordinance was evidently hastily prepared, and In m y judgm ent
does not meet the purpose Intended. The Council b y a unanimous vote
passed the ordinance, and Is In sym pathy with the ob ject sought to be
accom plished, and It also has m y approval, and m y purpose in returning
the ordinance is to have the omissions supplied, and an ordinance passed
covering the purpose Intended in such manner as to accom plish the ob ject
of its friends. The City A ttorney concurs In the views expressed b y me,
that it is Insufficient In form . That there m ay be no delay In the passage
of a proper ordinance calling for a special election to enable the voters of
this city to determine whether they desire a commission form o f govern­
ment. I have taken the liberty to prepare what I deem a corrective ordin­
ance, and shall invite the Council to pass the same at Its next session.

Reading, Pa.—City Held Liable on Sewer Assessment Bonds.
Judge G. A. Endlich of the Common Pleas Court has
decided against the city the test case of E. C. Nolan to re­
cover on certain bonds for house-sewer improvements in
District No. 4. It was discovered that the assessments
chazged against the property-owners for this improvement
were not sufficient to cover all the bonds issued to pay the
cost of the same, and the city, it is stated in the Reading
“Eagle,” redeemed only a part of the bonds.
“ The plalntilT purchased four bonds aggregating $2,000, with 6% inter­
est, states the Court. "O n June 6 1910 demand was made upon the city
fo r the payment o f principal and interest on the bonds, but was refused on
the ground of absence of funds available for the purpose, and no provision
has since been m ade b y the city looking towards such paym ent ”
T he Court concludes as follows:
" 1 . That the contract between the city o f Reading and the holder of
bonds issued b y it, under the ordinance of A ug. 7 1905, implies an under­
taking b y the city and Imposed upon it the duty to make an assessment
upon the properties liable thereto sufficient to meet the whole o f the
bond issue, and to proceed with reasonable diligence In the collection of
the amounts due thereunder.
“ 2. The negligent failure on the part o f the city , acting th rou gh 'its
officers, to make an assessment ade, jate to provide for the whole o f the
bond issue, constitutes a breach of that undertaking and duty and renders
the city liable to the plalntiir in this action.
“ 3. PlalntilT Is entitled to recover in this action of Judgment for the
entire principal o f the bonds held by him , with interest from June 6 1910."

Southbridge, Mass.—Bank Recovers from Town.—The
Boston “Transcript” of June 29 says the Southbridge Savings
Bank recovers $23,051 30 from the Town of Southbridge, in
N e w Y o r k C i t y . — Governor Sims Bill Providing for Semi­
its suit growing out of the alleged embezzlement of the
Annual Collection of Taxes.— G o v e r n o r D i x o n J u n e 2 7 bank’s funds by J. A. Hall, former Treasurer of the bank and
s ig n e d t h e b ill w h ic h w a s a p p r o v e d r e c e n t l y b y M a y o r G a y of the town. The Savings Bank alleged that the money was
n o r p r o v i d i n g f o r t h e c o l l e c t i o n o f t a x e s in t h i s c i t y t w ic e a
paid from the funds of the bank to the town to cover Hall’s
y e a r in s t e a d o f a n n u a l l y a s a t p r e s e n t .
U n d e r t h e n e w la w
shortage. The bank sued for $29,000.
a ll t a x e s o n p e r s o n a l p r o p e r t y a n d o n e - h a l f o f t h e t a x o n
Territory of Hawaii.—Rond Offering.— Proposals will be
re a l e s t a t e w ill b e d u e o n M a y 1 a n d t h e r e m a i n d e r o f t h e
received until 2p.m. July 27 by the United States Mortgage
real e s ta te t a x o n N o v . 1 .
I f th e s e c o n d h a lf o f th e ta x e s
& Trust Co. in New York, or at the office of D. C. Conkling,
o n re a l e s t a t e is p a i d p r i o r t o N o v . l , a d i s c o u n t o f 4 % w ill
b e a llo w e d fr o m th e d a te o f p a y m e n t .
Seven per cent
Territorial Treasurer, in Honolulu, for $1,500,000 4%
i n t e r e s t w ill b e c h a r g e d o n t a x e s d u e M a y 1 a n d n o t p a i d
coupon public improvement bonds.

b e f o r e J u n e 1 a n d a l s o o n t a x e s d u e N o v . 1 b u t u n p a id o n
D e c . 1.
H e r e t o f o r e a ll t a x e s w e r e d u e O c t . 1 e a c h y e a r a n d
7 % i n t e r e s t w a s c h a r g e d if t h e s a m e r e m a in e d u n p a i d o n
N o v . 1.
T h e a n n u a l r e c o r d o f a s s e s s e d v a l u a t i o n o f re a l
e s t a t e s h a ll b e o p e n f o r p u b li c i n s p e c t i o n a n d c o r r e c t i o n ,
u n d e r th e n e w la w , fr o m O c t . 1 to N o v . 1 6 .
P erson al p ro p ­
e r t y v a l u e s s h a ll b e s u b j e c t t o in s p e c t i o n a n d r e v i s io n b e ­
tw e e n O c t . 1 a n d D e c . 1.
T h e b o o k s f o r b o t h c la s s e s o f
p r o p e r t y w e r e o p e n e d u n d e r t h e o l d la w f r o m t h e s e c o n d
M o n d a y in J a n u a r y u n t il A p r i l 1 .
T h e n e w la w w ill b e
k n o w n a s C h a p te r 3 5 5 , L a w s o f 1911

Bill Permitting Issuance of Corporate Stock Payable in
Foreign Currency.— T h e b ill p e r m i t t i n g t h e C i t y C o m p ­
t r o lle r t o m a k e c o r p o r a t e s t o c k p a y a b l e in c u r r e n c y o f
f o r e i g n c o u n t r i e s w a s s ig n e d b y G o v e r n o r D i x o n J u n e 2 7 .
b e c o m in g C h a p te r 3 5 6 o f th e L a w s o f 1 9 1 1 .
I t is t h o u g h t
t h a t t h i s w ill e n la r g e t h e m a r k e t f o r s u c h s t o c k .
S c h o o l D i s t r i c t , O k l a . — Bond Case Ap­
pealed to Supreme Court.— O n J u n e 6 J u d g e M u s t o n o f t h e
D is t r ic t C o u r t o f L o g a n C o u n t y re fu se d a w r it o f m a n d a m u s
t o c o m p e l t h e A t t o r n e y - G e n e r a l t o a p p r o v e a n is s u e o f $ 2 0 0 , ­
0 0 0 w a r r a n t-fu n d in g b o n d s o f th is d is t r ic t .
T h e case h a s
s in c e b e e n a p p e a l e d t o t h e S u p r e m e C o u r t .
W e p r i n t b e lo w
a l e t t e r r e c e iv e d f r o m YT. C . R e e v e s , A s s i s t a n t A t t o r n e y G e n e r a l, c o n c e r n in g th e s u it .
O k la h o m a

C ity

Oklahoma City, June 23 1011.
Messrs. William B . Dana Co., I fm York, IV. Y .:
Dear Sirs— Receipt Is acknowledged of your letter of June 16th, In which
you ask for details concerning bond Issue involved In a case decided b y the
District Court of Logan County, Juno 6th.
The suit was a friendly one. although the controversy Is real, and has
since been appealed to the Supreme Court, and has been advanced b y the
Court and set for argument and submission for the July term.
The bonds were Issued under the provisions of Article 7. Chapter 8,
Compiled Laws o f Oklahoma, 1909, Snyder, which law was passed b y the
Legislature of the Territory of Oklahoma in 1905. It is thought that part
o f that law Is repugnant to Section 20 of Article 10 of the Constitution, and
was perhaps not entirely put In force In the State b y Section 2 of the
Schedule o f the Constitution.




Denomination $1,000. Bonds will be dated A ug. 1 1911 and will mature
A ug. 1 1941 .w ith option o f redem ption on and after A ug. 1 1S31. Interest
semi-annually at the office o f the Treasurer or at tho option o f the holder
at the office of the United States Mortgage & Trust Co. in New Y ork. The
U . S. Treasury Department authorizes the statement that they will be
accepted as security for public deposits on the basis o f 00% o f their par
value when further deposits are made. The bonds will be lithographed
under the supervision o f and certified as to their genulnlness b y the United
States Mortgage & Trust Co. of New Y ork. Dillon, Thom son & Clay of
New York declare that the bonds are a legal and valid obligation o f the
Territory and that in their opinion will be exem pt from taxation b y any
State in the United States or any municipal or political subdivision o f such
State, tho same as bonds or other obligations or securities o f the United
States. The bonds o f the Territory are exem pt b y law from taxation in the
T erritory. Certified check upon a bank or trust com pany, payable to the
Treasurer, for 2% of bonds bid for. Is required.
The official notice o f this bond offering will be found tuning ihe advertisements
elsewhere in this Department.

Texas.—Special Session of Legislature.—Governor Colquitt
on June 20 issued a proclamation convening the Legislature
in extra session at 10:00 a. m. July 31 to make appropria­
tions for the support of the Government and for the public
service for the fiscal years beginning Sept. 1 1911 and 1912;
to apportion the State into Senatorial districts and into
Representative districts and to fix the basis of representation
therefor; also to consider and act upon such other matters
as may be presented by the Governor. The regular session
ended March 11. See V. 92, p. 747.
Supreme Court Decision as to Power of Counties to Issue
Bridge-Repair Bonds.— The State Supreme Court on June 20

decided that a county may sell bonds for the repair of
bridges, providing each issue does not exceed $2,000, and
that all such issues with all other classes of bonds outstanding
do not exceed the limitation with regard to total bonded debt.
The suit was brought by Bell County to compel the AttorneyGeneral to approve an issue of bridge-repair bonds and the
Court granted a writ of mandamus.

64

THE CHRONICLE

• T h e A tto r n e y -G e n e r a l re fu se d to a p p r o v e th e b o n d s o n th e g ro u n d th a t
t h e r e is n o e x p r e s s a u t h o r i t y c o n f e r r e d u p o n c o u n t i e s t o Issu e b r id g e - r e p a i r
b o n d s ; a n d t h a t If s u c h a u t h o r i t y Is c o n f e r r e d , a n d t h e p o w e r e x is t s , B e ll
C o u n t y e x h a u s t e d s a m e b y p r e c e d in g Issu es w h ic h e x c e e d e d $ 2 ,0 0 0 .
T h e C o u r t h o l d s t h a t t h e a u t h o r i t y g iv e n c o u n t i e s t o c o n s t r u c t b r id g e s
f o r p u b l ic p u r p o s e s e m b r a c e s t h e r e p a ir a n d m a in t e n a n c e o f s u c h s t r u c t u r e s ,
a n d t h a t b o n d s m a y b e Issu e d f o r t h e l a t t e r p u r p o s e , t h e l i m it a t io n o f $ 2 ,0 0 0
t o b e p la ce d u p o n e a ch se p a r a te Issu e.

T u s c a l o o s a , A l a . — Commission Form of Government A p ­
p r o v e d .— A n e l e c t i o n h e ld J u n e 2 0 is s a i d t o h a v e r e s u l t e d in
4 1 8 v o t e s “ f o r " t o 2 6 “ a g a i n s t ” t h e p l a n t o g o v e r n t h e cityu n d e r th e c o m m is s io n fo r m .
W i s c o n s i n . — Legislature Passes Income Tax Bill.— T h e
H o u s e o n J u n e 2 3 p a s s e d t h e b ill p r o v i d i n g f o r a g r a d u a t e d
ta x on in c o m e s.
T h e m e a s u r e w a s c o n c u r r e d in b y t h e
S e n a te o n J u n e 2 8 b y a v o t e o f 1 5 to 1 4 .
The next day
( J u n e 2 9 ) a m o t i o n t o r e c o n s i d e r w a s m a d e in t h e S e n a t e ,
b u t w as d e fe a te d .
A c c o r d in g to p r e ss d is p a tc h e s fr o m M a d is o n to th e N e w
Y o r k “ S u n , " t h e c h ie f p r o v i s i o n s o f t h e b ill a r e a s f o l l o w s :
I f a n in c o m e Is o v e r $ 5 0 0 t h e r e c ip ie n t m u s t m a k e a r e t u r n t o t h e a s s e s s o r .
I f o n e Is u n m a r r ie d t h e I n c o m e w ill b e t a x e d w h e n It p a ss e s t h e $ 8 0 0 m a r k .
M a r r ie d m e n a r e t a x e d o n I n c o m e s o v e r $ 1 ,2 0 0 .
T h e t a x Is g r a d u a t e d , s t a r t i n g a t 1 % o n i n c o m e s o f $ 1 ,0 0 0 o r a n y p a r t o f
it a n d I n c r e a s in g o n e - f o u r t h o f 1 % o n e a c h a d d e d $ 1 ,0 0 0 u n t il $ 1 2 ,0 0 0 Is
r e a c h e d , w h e n t h e t a x Is
O v e r $ 1 2 ,0 0 0 t h e t a x is 6 % .
C o r p o r a t io n s w ill b e a ll o w e d e x e m p t i o n s o n s u m s p a id fo r s a la rie s a n d
w a g e s if s u c h c o r p o r a t i o n s r e t u r n t o t h e a s s e s s o r t h e a m o u n t s o f s u c h
s a la r ie s a n d t h e n a m e s o f t h o s e r e c e iv in g t h e m .
I n c o m p u t i n g t h e t a x a n d e x e m p t io n s t h e I n c o m e o f h u s b a n d s , w if e
a n d e a c h c h i ld u n d e r 18 y e a r s o f a g e Is a d d e d w h e n a ll liv e t o g e t h e r .
U n it e d S t a t e s o f f ic i a ls a r e e x e m p t s o fa r a s t h e ir s a la rie s a r c c o n c e r n e d ,
a s a r e p e n s io n s f r o m t h e U n it e d S t a t e s a n d s a la r ie s o f m e m b e r s o f t h e
L e g is la tu re .

Resolution to Unseat United States Senator Stephenson
Signed.— O n J u n e 2 6 t h e p r e s i d in g o f f i c e r s a n d c h ie f c le r k s
o f t h e t w o h o u s e s o f t h e L e g i s l a t u r e s ig n e d t h e j o i n t r e s o l u t io n
p a s s e d b y t h e L e g i s l a t u r e d e c la r in g t h a t S e n a t o r S t e p h e n s o n ,
o f W i s c o n s i n , r e s o r t e d t o b r i b e r y t o s e c u r e h is s e a t in t h e
U n i t e d S t a t e s S e n a t e , a n d a s k i n g t h a t b o d y t o i n v e s t i g a t c ’ h is
e le c tio n .
I n C o n g r e s s th e m a t t e r h a s b e e n re fe rre d to th e
C o m m it t e e o n P r iv ile g e s a n d E le c t io n s .

B on d P ro p o s a ls and N egotiations this week
have been as follows:
A D A COUNTY (P . O. Boise), Idaho. — Bond Sale .— A n is su e o f $ 1 1 ,0 0 0
5 % 1 0 - 2 0 -y r . (s e r .) r e f . b o n d s w a s a w a r d e d t o IS. I I . H o llin s & S o n s o f
C h i c a g o f o r $ 1 1 ,2 2 7 ( 1 0 2 . 0 0 3 ) , a b a s is o f a b o u t 4 . 8 9 % .
D e n o m . $ 1 ,0 0 0
and $100.
D a te J a n . 1 1911.
I n t . ,1. & J .
A DA COUNTY SCHOOL DISTRICT NO. 18, I d a h o . — H o a d offerin g.—
T h is d i s t r ic t Is o ll e r l n g f o r s a le $ 8 ,0 0 0 5 % 5 - 1 5 - y r . ( o p t .) b o n d s In d e n o m .
o f $500 ea ch .
• AKRON , Ohio.— H o a d Sale .— T h e b id s r e c e iv e d o n J u n e 2 7 f o r t h e s i x ­
t e e n Issues o f 4 hi % b o n d s o lf e r e d b y t h e S in k in g F u n d T r u s t e e s ( V . 9 2 ,
p . 1 5 7 8 ) w e r e a s f o l lo w s :
(1 ) T h e T U lottson & W o lc o t t C o ., C le v e .l(4 ) S ea son g ood & M ayer, C incin n ati.
( 2 ) W ell, R o th & C o ., C incin n ati.
|(5 ) P ro v id e n ce S a v . B k. & T r. C o ., Cine.
(3 ) ‘ F irst-S econ d N a t. B a n k , A k ron , 0 .1 ( 6 ) C leveland T ru st C o ., C leveland.
3 4,0 00
3 3 ,3 0 0
S6.0 0 0
3 10 ,45 0
3 5,8 00
S1 2.7 80
3 1,6 80
S7.700
bonds.

(1 )

bonds.

bonds.

4 ,0 0 9 20 3 ,3 1 8 48

6,027 00

10,549 27 5 ,8 4 6 40

3 ,3 4 9 82

6,078 10
6,011 00
6,000 00
6 ,030 60
S3,450

1 0,608 45
10,493 00
10,450 00
10,492 85
3 9,0 00

4,0 5 1 70
4 ,0 0 9 00

bonds.

bonds.

5 ,8 9 0 61
5 ,831 00
5,801 74
5 ,8 3 0 16
$3,5 80

bonds.

bonds.

bonds.

13,036 87 4,7 4 9 73 7 ,7 7 0 07
12,980 00
13,107 38 4,8 0 3 90 7 ,838 63
12,940 00 .......... ..
7 ,7 4 9 00
________________ 7 ,7 1 0 5 5
1 2 ,9 7 1 7 0 4 ,7 5 0 20 7 .748 51
S15.900
S I ,900
$6,000

[VO L. L X X X X l J l .

Question of Issuing $25,000 school-bUlg., $50,000 sewer, $15,000 Jail,
$60,000 park, $25,000 paving and $25,000 city-abattoir bonds.
BEAVER TOW N SH IP (P. 0 . North Lima), Mahoning C ounty, Ohio.—
Bond Ojjering.— Proposals will be received until 1 p. m. July 22 by H. E.
Mcntzer, Clerk, for $27,000 5% road bonds. A uth. Sec. 4686-1 to 4686-50
Incl., R ev. Stat. Denom. $500. Date A ug. 1 1911. Int. F. & A . at the
Treas. office. Due $1,000 yearly A ug. 1 1913 to 1919 lncl. and $2,000
yearly A ug. 1 1920 to 1929 lncl. Bonds to be delivered and paid for
A ug. 1 1911. Cert, check on a bank In Mahoning County for $500, pay­
able to the Treasurer, required.
BENSON. Douglas C ounty, Neb.— Bonds Voted.— An election held
June 27 resulted In favor, it Is stated, of the proposition to Issue $25,000
water bonds.
B E X A R COUNTY (P. O. San A ntonio), T ex.— Bond Sale.— On June 26
the $208,000 4 H % 10-40-yr. (opt.) coup. ref. court-house bonds (V . 92,
p. 1579) were awarded to A. B. Leach & Co., N. W . Halsey & Co. and
E . II. Rollins & Sons of Chicago at their joint bid of par and Int. A bid
was also received from the Harris Trust & Savings Bank of Chicago at
par less $2,000 com m ission
Other bids received were not accom panied
by certified checks and consequently were not considered.
B IL O X I, Harrison C ounty, M iss.— Bonds Voted.— The election held
June 27 resulted In a vote of 241 ‘ Tor” to 126 ''against’ ’ the proposition to
Issue the $70,000 water bonds (V. 92, p. 1580), It Is stated.
BLUFETON SCHOOL DISTRICT (P . O. B lu ffton ), Allen C ounty, O h i o Bond Bale.— On June 26 ttie $35,000 1% cou p. bldg, bonds (V . 92, p. 1653)
were awarded to Spltzer, R orlck & Co. of T oled o at par and Int. less $4 50
for blank bonds and attorney’s fees. Due $500 each 6 m os., May 1 1915
to N ov. 1 1919 lncl. and $750 each 6 m os. May 1 1920 to 1939 lncl.
BOISE CI TY, Idaho.— Bonds Voted.— An election held June 20 resulted
in a vote of 843 “ for” to 112 “ against” the proposition to issue $40,000 lire
bonds. It Is stated.
BRA D LE Y SCHOOL DISTRICT NO. 61 (P. O. B radley), Kankakee
County, III.— Bond Ojjering.— Proposals were asked for until 7:30 p. m .
yesterday (June 30) by J. McCarthy, Clerk Bd. of E duc., for $10,000 school
bonds. Denom. $500. Int. (rate to be named In bid) payable annually
Due $500 yrly. A pr. I 1913 to 1930 Incl. and $1,000 A pr. 1 1931. Certcheck for $300, payable to the Clerk Bd. of E d u c., required. The result of
this ollerlng was not known to us at the hour of going to press.
BRYAN, Brazos C ounty. T e x .— Bond Election Proposed.— Local papers
state that the City Council will call an election to vote on the question of
Issuing $20,000 Improvement bonds.
BRU N SW IC K TOW N SH IP (P. O. Brunswick), Medina County. Ohio.—
Bond Offering.— Proposals will be received until 1 p. m. July 10 by A . F.
R o o t, Tw p. Clerk, for $6,000 5% coupon tax-free road-Impt. bonds.
A uth. Sec. 6976, 7004 and 7005, Gen. Code; also an election held May 31
1908. Denom. $500. Date July 1 1911. Int. M. & S. at the Old Phoenix
N at. Bank of Medina. Due $500 Sept. 20 1912, 1913 & 1914, $500 Mch. 20
1915 & 1916, $500 Sept. 20 1917, $500 Mch. 20 1918 & 1919, $500 Sept. 1
1919, $500 Mch. 20 1920 & 1921 and $500 Sept. 20 1921. Cash or certi­
fied check for 2% of bid, payable to T w p. Clerk, required. Purch. to pay
accrued int. and furnish necessary blanks at his own expense.
BUTLER TOW N SH IP, Richland County. O h io — Bond Sale.— On June 24
no sale was made of the $40,000 4% road bonds. V. 92, p. 1580. T hey
will be re-advertised.
CABELL COUNTY (P. O. H untington), W . V a.— Bond Ojjering.— P r o ­
p o s a ls w ill b e r e c e iv e d u n t il 12 m . J u ly 11 b y t h e C le rk o f C o u n t y C o u r t ,
F . F . M c C u llo u g h , fo r th e $ 3 0 0 ,0 0 0 4 * 4 % 2 0 - 3 0 - y r . c o p o n r o a d - i m p ’ t
b o n d s v o te d M a y 27 (V . 9 2 , p . 1 5 8 0 ).
D e n o m in a t io n $ 1 ,0 0 0 .
I n t . a n n . a t F ir s t N a t . B k . o f H u n t i n g t o n . C e r t ,
c h e c k fo r S I , 0 0 0 , p a y a b le t o t h e C o u n t y C o u r t , Is r e q u i r e d .

CANAAN TOW N SH IP SCHOOL DISTRICT (P . O. Athens R. F. D.
No. 7). Athens County. Ohio.— Bond Offering .— P r o p o s a l s w ill b e r e c e iv e d
u n t il
b ld g ,
J u ly
C ert,

1 p . m . J u ly 15
bonds.
A u th .
15 1 9 1 1 .
In t.
ch e c k fo r $100

b y L . G . M c C o t ik c y , C le r k B d . o f E d , f o r $ 2 ,0 0 0 5 %
S ec. 7625 & 7 62 6, G en . C od e.
D en om . $500.
D ato
M. & S.
D u e $ 5 0 0 y r l y . M c h . 1 1 9 2 2 t o 1 9 2 5 ln c l.
re q u ire d .
CANTON, Stark C ounty, Ohio.— Bond Sale .— O n J u n e 2 6 t h e t w e lv e
Issu es o f 4 4 4 % b o n d s , a g g r e g a t in g $ 1 1 7 ,3 0 0 ( V . 9 2 , p . 1 5 8 0 ) , w e r e a w a r d e d
t o S t a c y & B r a u n o f T o l e d o fo r $ 1 1 8 ,6 5 1 5 8 , m a k in g t h e p r ic e 1 0 1 .1 5 2 .
O t h e r b id s f o l l o w :
P r o v id e n t S a v in g s B a n k
T il lo t s o n & W o l c o t t C o .,
& T r u s t C o . , C i n c i n ___ $ 1 1 0 ,3 0 2 13
C l e v e l a n d ______________ $ 1 1 8 ,5 5 7 38
7 4 ,3 6 5 5 0
H a y d c n ,M iU e r & C o ..C lc v - 1 1 8 ,5 5 0 0 0 W e l l, R o t h & C o .. C l n . . .
9 0 ,0 1 3 82
F ir s t N a t . B a n k , C l e v e . - 1 1 8 , 2 6 2 9 0 Otis & H o u g h , C l e v e la n d

CASTILE (P . O. W arsaw ), W yom ing C ounty, N. x .— Bond Offering.—
Proposals will be received until 1 p. m. July 6 by W . W . Metcalf, Town
Supervisor, care of E . T . M ontgom ery, County Treasurer, according to
reports, for $1,000 4 H % highway bonds. Date July 1 1911. Int. J. & J.
bonds.
bonds.
bonds.
bonds.
bonds.
bonds
bonds.
bonds.
Due Feb. I 1918. Cert, check for 10% of bid Is required.
9 ,187 20 3 ,6 0 6 13 16,224 36 1,906 4 6 6 ,088 80
4,2 1 2 60 3 ,0 2 1 60 3 ,451 00
16,147 00
CENTRA LI A SCHOOL DISTRICT (P . O. Centralia). .Marion C ounty.
91 1,92660 6.14850
9,20675 3,652 13 16,324
16,32491
111.— Bonds Voted.— An election field June 27 resulted in a vote of 114
4 ,2 8 4 50 3 ,0 6 0 30 3,4 8 8 13
9,140 00 _______ 16,137 00 ............. 6,074 00 “ for” to 47 “ against” the proposition to Issue bonds. It Is stated.
4 ,2 3 0 00
(5) ............................................. 9,094 05 _______ 16,060 59 ............ 6.042 60
CHAMBERS COUNTY (P . O. A nahuac), T ex.— Bonds voted.— The elec­
2 2 80 3,451 03
9,18540 3,60721 16,221 18 1.90665 6.099 60 tion held June 10 resulted In a vote of 295 to 227 In favor of the proposition
4 ,2 3 1' 9 2 3\,0-------* Successful bidder.
to Issue the $43,000 5% 10-40-yr. (opt.) court-house and jail bonds
The above are not new Issues but bonds which have been held b y the
(V . 92, p. 1192).
Sinking Fund as an Investment.
CHARLOTTE COUNTY (P. 0 . Charlotte Court H ouse). Va.— Bond Offer­
ALHAM BRA SCHOOL DISTRICT, Los Angeles C ounty, Cal.— Bond ings.— Proposals will be received until 12 m. July 15 by P. W . Morgan.
Ojjering.— Proposals will be received, It Is reported, until July 24 for the J. C. Carrington and A . B. Rice, Committee, for the following coupon road$50,000 hlgh-school and $60,000 grammar-school 4 }4 % bonds (V. 92, p. Improvcment bonds:
1512). Denom. $1,000. Date July 1 1911. Interest annual.
$60,000 4
bonds. Date April 1 1909. Interest annual.
60,000 5%
bonds. Date .July 1 1911. Interest semi-annual.
ANSONIA, C o n n — Bond Sale.— On June 27 the $40,000 4% 21-yr. (av.)
Denomination $1,000. Interest payable at the Treasurer’s office. Due
sewer bonds (V. 92, p. 1579) were awarded to Merrill, Oldham & Co. of
40 years, optional after 20 years. Certified check for $250 required. 1 hese
Boston at 98.75— a basis of about 4 .0 5 % , It Is stated. Other bids follow:
bonds were oirered without success on June 26 (V. 92, p. 1654).
R . L . Day & C o., B oston___ 98.549 |H ayden, Stone & C o., B o sto n .98.04
CHATTANOOGA, Hamilton County, T cnn.— Bond Offering.— Proposals
Blodget & C o., B oston______98.519IE . II. Rollins & Sons, B oston.97.567
Illncks Bros. & C o ., New H a v.98.250 Parkinson & purr, H a r t fo r d ..97.560 will be received until 3 p. m. July 12 by T . C. Thom pson, Mayor, for $45,000
4 ) j % coupon paving bonds of 1911. Auth. Chap. 484, A ct of General
Adam s & C o., B oston_______ 98.07 |Harris, Forbes & C o., N. Y . . 97.188
ARA PA H O E , Furnas C ounty, Neb.— Bond Sale.— The $14,000 funding Assembly of 1909. Denom. $1,000. Date Jan. 1 1911. Int. J. & D.
at the Nat. City Bank In N. Y. City. Due Jan. 1 1941. Bonds are ex­
bonds voted on May 2 (V. 92, p. 1327) have been sold.
em pt from all taxation. Cert, check for 1% of bonds bid for, payable to
ARCHER C ITY, Archer C ounty, T ex .— Bonds Voted.— A proposition to J. M. Payne, City Treasurer, Is required.
Issue 12,000 6% 5-40-yr. (opt.) water bonds was favorably voted upon
•CHEHALIS COUNTY SCHOOL DISTPICT NO. 9, W ash.— Bond Offer­
on June 17. Date July 1 1911.
ing.— Proposals will be received until 1 p. in. to-day (July 1) by W . B.
ATTLEBORO. Bristol C ounty, !\\ass.— Bond Sale.— On June 27 the Paine, Co. Treas. (P . O. M ontesano), for $2,000 bldg, bonds at not cxcecd$35,000 4% 14-yr. (av.) coup, water bonds (V . 92, p. 1714) and $50,000 lm
i Int
Denom. $200. Int. semi-ami. at places to be named In bonds.
sewer bonds were sold to Estabrook & Co. of Boston at 104.09 and 106.82
D' 3 yrs., op t. after one yr. Cert, check for 2% of bonds required.
respectively. The following bids were received:
;HELAN
COUNTY
SCHOOL D IS T R IC T 'N O . 56’ ( P . , 0 . Cashm ere),
$35,000 $50,000
Bonds.
Bonds W ash.— Bond Sale.— On ,’ ic 10 the $35,000 bonds (V. 92, p. 1513) were
awarded
to
the
State
of
Wa hlngton as 5% 1-20-yr. (opt.) bonds at par and
106.82
Estabrook & C o., B o s t o n .........................................................104.09
blank bonds. A bid of 101.668 and blank bonds for 5-20-yr. (opt.) 6s was
Curtis & Sanger, B oston_________________________________ 103.281
106.32
received from E . H. Rollins & Sons of Chicago. There were four other
H ayden, Stone & C o., B oston-------------------------------------------103.055
---------bids received.
Blodget & C o., B o s t o n ..--------------------------------------- ---------- 102.656 105.647
CHICOPEE. Hampden C ounty. /Mass.— Tcmporarg Loan.— A loan of
Blake Bros. & C o., B oston_______________________________ 102.56
104.91
$50,000 due Dec. 10 1911 was negotiated June 26 with Blake Bros. & Co.
N. W . Harris & C o., Boston (for both issues)___________ ______105.06--------Merrill, Oldham & C o., Boston (for both issues)_______________104.56--------- of Boston at 3.41% discount.
Adam s & C o., Boston (for both Issues)------------------------------------- 104.179------CHINO. San Bernardino County, Cal.— Bond Sale.— The $40,000 5%
AUBU RN, Me.— Bond Sale.— A n Issue of $13,000 4% cou p, refund, water and fire bonds voted May 17 (V. 92, p. 1450) have been awarded, it Is
bonds was awarded on June 28, It Is stated, to O’Connor & Kahler of New reported, to Purcell, Gray & Gale at 104.75.
Y ork at 104.462. Date July 1 1911. Due in 1931.
CHOUTEAU COUNTY (P. O. Fort Benton), M ont.— Bond Offering.—
Proposals will be received until 2 p. m. A ug. 1 (date changed from July 1)
A U G LAIZE COUNTY (P. (). W apakon eta), Ohio.— Bond Ojjering.—
Proposals will be received until 12 m. July 10 by E. A . Schaller, A ud ., for by J. L. Sedgwick, Co. Cleric, for $60,000 5% cou p, refund, bonds. A uth.
$20,000 6% ditch bonds. Autli. Sec. 6493, Gen. Code. Denom. $1,000. A rt. 3, Chap. 2, Title 2, Part 4, Revised Codes. Denom. $1,000. Dato
Date July 1 1911. Int. J. & J. Due $12,000 Jan. 1 1912 and $8,000 July 1 1911. Int. J. & J. at the Co. Treas. office. Due 20 yrs. Cert,
check for $1,000 required. These bonds were previously ottered on May 22,
July 1 1912.
.
BABYLON SCHOOL DISTRICT NO. 5 (P . O. C op iaguc). Suffolk County. but the bids received were rejected (V. 92, p. 1581).
C l A R K COUNTY (P . O. Jefferson ville), Ind.— Bonds Offered bg Bankers
N. Y .— Bond Sale.— Douglas Fenwick & Co. of New York purchased $12,000
5% 10M -yr. (av.) sch. bonds on April 20 at 101.03— a basis of about — A ccording to the circular Issued by the J. F. W ild Co. of Indianapolis
for June, they own and ofier for sale $7,720 4>$% tax-exem pt Washington
4 .8 9 7% . Denom. $600. Date April 20 1911.
BEACH C ITY. Stark C ounty, Ohio.— Bond Sale.— On June 28 the two Tw p. gravel-road bds. Denom. $386. Date Alay 15 1911. Int. M. & N.
Issues of 5% Main and West Sts. Imp. bonds (V. 92, p. 1714) were aw.arded at the Co. Treas. office. Due $386 each six months from May 15 1912 to
N ov. 15 1921 lncl. T otal bd. debt, this Issue. Assess, va l., $446,250.
as follows:
$10,500 1-10-yr. (ser.) assess, bonds to the Security Savings Bank & Trust Real value (est.), $880,000.
C L AR K SB U R G . Harrison C ounty, W . V a.— Bond Election.— 'T he ques­
Co. of Toledo for $10,831 75 (103.159) & Int.. a basis of about
tion of Issuing $275,000 sch. bldg, bds.. It Is stated, will be voted upon at an
4 .3 4 9% .
1,000 l-2 -y r. (ser.) village’s portion bonds to the Beach City Banking election to be held at an early date.
Co. in Beach City at par and Interest.
C LAY CENTER, Clay County, Neb.— Bond Sale.— A ccording to reports,
te $5,000 5% 10-20-yr. (opt.) water bonds voted on A p r. 4 ( V . 92,p . 1129)
BEAUMONT, Jefferson C ounty, T e x .— Bond Election.— The City Council
has passed a resolution, It Is stated, calling for an election to vote on the
t^ve been sold.
4 ,0 1 9 20
$4,200

3 ,3 1 6 50
3 3 ,0 00




July 11911.]

THE CHRONICLE

■ C L E V E L A N D HEIGHTS, Ohio.— Bond Offering.— Proposals will be re­
ceived until 12 m. July 25 b y II. II. Canfield, Village Clerk (P . o . 309
Beckm an B ldg., C leve.), for the following 4 M % cou p, assess, bonds.
$4,914 Taylor R oad water bonds. Denom . $414 and $500. Due $414
O ct. 1 1912 and $500 yrly. from 1913 to 1921 incl.
7,541 Taylor R oad sewer bonds. Denom. $41 and $500
Due $41 O ct. 1
1912, $500 Oct. 1 1913, 1914 and 1915, and $1,000 O ct. 1 from
1916 to 1921 Incl.
3,417 Glen R oad water bonds. Denom . $417 and $500. Due $117
O ct. 1 1913, $500 Oct. 1 1915 and $500 yrly. O ct. 1 from 1917
to 1921 lncl.
5,795 Glen R oad sewer bonds. Denom . $295 and $500. Due $295
O ct. 1 1912, $500 yrly. O ct. 1 from 1913 to 1919 lncl. and $1,000
O ct. 1 1920 and 1921.
4,487 W ood Road water bonds. Denom . $487 and $500. Due $487
Oct. 1 1913 and $500 yrly. Oct. 1 from 1914 to 1921 incl.
8,436 W ood R oad sewer bonds. Denom. $436 and $1,000. Due $436
Oct. 1 1913 and $1,000 yrly. Oct. 1 from 1914 to 1921 lncl.
A uth. of sewer bonds Sec. 3881, 3888 and 3914, Gen. Code, and of water
bonds Sec. 3914, Gen. Code. Date "d a y o f sale.” Int. A . & O. at Treas.
office. Cert, check for 10% of bonds bid for, payable to Treas., required.
Purchaser to pay accrued Interest.
CLEVELAN D SCHOOL DISTRICT (P . 0 . Cleveland), C uyahoga County,
Ohio.— Bond Offering.— Proposals will be received until 4 p. m. July 17 by
J. C. Canfield, acting Clerk Bd. of E d., for $500,000 4 % cou p. bldg, and
Im pt. bds. A uth. Chap. 97. page 334, Ohio Laws, and Sec. 7629 and 7627,
Gen. Code. Denom. $1,000. Date “ day of sale.”
Int. J. & J
Due
20 yrs. Cert, check on a national bank for 5% of bonds bid for, payable to
the Treas. Bd. of E d., required. Bids must be made on blanks furnished
b y the district.
COHASSET, Norfolk County, Mass.— Bond Sale.— On June 28 $60,000
4 % ref. bonds were awarded to Adam s & Co. o f Boston at 101.61. Other
bids follow:
Blake Bros. & C o., B oston . 101.57 Estabrook & C o., B oston ____101.28
Hayden, Stone & C o.,B oston 101.54 Perry, Coffin & Burr, Boston 101.26
R . L. Day & C o., B oston ____101.379 Kuhn, Fisher & C o., B oston. 101.17
Blodget & C o., B oston____ 101.349 N. W . Harris & C o., B o s to n .101.101
Geo. A . Fernald & C o., B o s ..101.31 Merrill, Oldham & C o ., B o s .. 101.069
uouum , $1,000.
oi.uu u. Date
m u e aJuly
u i y i1 1911.
i o n . Ixnntt.A
.A .&
.& O
u. D
u uu ceon
onO
u cct.
t . l,$
i,$ 4 ,0
,o 0
o0
o in
Denom.
ln
1912and 1913, $8,000 from 1914 to 1918 lncl. and $6,000 In 1919and 1920.
COLQU ITT, Miller County, Ga.— Description o f Bonds.— W e arc advised
that the $7,500 water, $7,500 light and $7,000 school 5% bonds (V. 92,
p. 1714) awarded on June 1 to J. II. Hilsman & Co. of A tlanta are In denom .
o f $500 each and arc dated July 1 1911. Int. annual. Due July 1 1941.
CORPUS CH RISTI, Nueces County, T ex.— Bond Sale.— On June 9 the
$50,000 5% 10-40-yr. (opt.) wharf bonds (V. 92, p. 897) were awarded to
Seasongood & Mayer of Cln. at 100.26 and Int., a basis of about 4.965%
to optional date and 4.086% to full m aturity.
COTTLE COUNTY COMMON SCHOOL DISTRICT NO. 1, T ex.— Bonds
Registered.— On Juno 24 the State Comptroller registered $6,000 5%
40-yr. bldg, bonds.
C RA W FO R D . Dawes C ounty, Neb.— Bonds Voted.— A n election held
recently resulted In favor of the proposition to issue $24,000 water bonds
t Is stated. The vote was 201 to 37.
CRESTLINE, Crawford County, Ohio.— Bond Offering.— Proposals will
be received until 12 m. July 24 b y M. J. Strauch, Vil. Clerk, for $22 000
o % cou p. Main St. im pt. assess, bonds. A uth. Sec. 3914, Gen. Code.
Denom. $2,200. Int. M. & S. at the Babst Banking House in Crestline.
Due $2,200 yrly. Sept. 1 1912 to 1921 lncl. Bonds to be delivered and paid
for within 10 days from time of award. Cert, check on a local bank for
$500, payable to the VII. Treas., required. Purch. to pay accrued int.
The amount of bonds to be sold m ay be reduced b y the am ount of assess­
ments paid prior to date o f sale.
CRO SW ELL. Sanilac County. Mich.— Bond Offering.— Proposals will be
received until 2 p. m. July 10 b y J. W . Dexter, City Clerk, for $10,000 5%
water and light bonds voted June 5 1911. Denom. $500. Due 15 yrs.
from Ail#, l 1011. Cert, check for $100 required.
CULBERTSON, Valley C ounty, M ont.— Bond Offering.— J. E . Peterson,
Town Clerk, will offer at public auction 1 p. m. July 29 $39,500 10-20-yr.
(opt.) cou p, water-works bonds at not exceeding 6% Int. A uthority, vote
of 34 to 8 at election held Juno 15. Denom. $500. Date July 15 1911.
Int. J. & J. at the Treasurer’s office or at a bank In Chicago or New York,
to be designated b y purchaser. Cert, check for $1,000, payable to the
Treasurer, required.
The official notice of this bond offering will be found among the advertisements
elsewhere in this Department.
, CULDESAC SCHOOL DISTRICT <P. 0 . Culdcsac), Nez Perce C ounty
Idaho. —Bonds Voted.— An election held June 17 resulted In favor of the
question o f Issuing $7,500 bonds, according to reports. The vote was
121 to 12 .
t PA YTO N , Ohio.— Bond Offering. — Proposals will be received until 12 m.
paving* bonds00' W ' Blsh’ c lt y A uditor, for the following 5% cou p, assess.

65

?i°5nnnnn r.'Jnl (? arc ° ( T i'
SnT th;.T,2uVn CIerk) - for $75,000 school and
SL o \ 0,00 f ^n d - 4 ° Kold bonds. A uth. Chaps. 747 and 748, Gen* Assembly
o f 1911. Denom. $100 to $5,000. Int. semi-annual. No check required.
si?R (9 iEfu,E L D^ EdKcfield C ounty, So. Car.— Bond Sale.— On June 27 the
I’i v A 5 ’ » 20-40-yr (opt.) cou p, electrlc-light-plant-iinpt. bonds (V . 92,
p. 1654) were awarded to J. H. Hilsman & Co. of Atlanta at par.
TOW N SH IP (P . O. E llsw orth). Mahoning C ounty, Ohio.
O ffe r in g .-P r o p o s a l will be received until 1:30 p. m. July 22, b y
CDCrk’ ofPr» §7 ’^ 00 4 !A % road bonds. A uth. Sec. 4686-1 to
4686-25 lncl.. R ev. Stat. Date A ug. 1 1911. Int. F & A at the Treas
andCna!dDfnr V ’ 5° i VaYi
1 1!!,15 to 1919 lncL Bonds to be delivered
fsooF ^ay^abl^to the1Treas. Preq’ufrec?.^ ° Q a bank ,n Mahonlng County for
v o S K ^ o ? « ? 0 U ir T Y oF,’
E1 Paso) •T exas.— Bonds Voted.— A favorable
poor-fann fnd0hosprtal bonSs0rtS
° n th° qUeStl° n ° f ' SSU,ng 330,000
i« u ]'s P Y o n J rPPau County, W is.— Bonds Proposed.— This city proposes to
Stat o f ’ l2 2 «5 % nCOUp- watpr bdS. A uth. Sec. 925-133, 942 & 943, R e v.
Den°m - $1,000. Date July 1 1911. Int. J. & J . at the
F
o a t m ^debt,
n ? ffiC
«e VnnDueA$
1,000 vyarl.,
ly -$219,000.
after 9 yrson d - Is
d eb
t, $18,500.
bloating
$8,500.
Assess,
W. B
Flood
Clerk.
ticwLn l h ^ n * Rj verside C ounty. Cal.— Bond Election.— An election will be
natfon.U$ 50 o!° ^ n t o r e s t '^ l - f n n u a L 1

*2° l00° 6% bonds’

DenomI-

“ Registry o P n S u
S? le.m)/, Mass.—
Sale.— On June 29 $8,000
Essex M err?m fct
Prohafe Court L oan” and $6,052 22 "C ou n ty of
C itv'V at
L? an ,4 7 ^ i 'y r' C0l,P- notes were awarded to the
i o n . i h t .J & d G1'°ucester at 100-390- Denom . $1,000. Date June 1
r,«
l - c n n Y, ( P '
0 a dsden), A la.— Warrant Sale.— The $25,000
6 \ w a r r a n t s auth. on Apr. 20 (V . 92, p. 1391) have been sold.
i „ i L i nohomish C ounty, W ash.— Bonds Voted.— W e sec It repropMlt?on°to^ Issu^fesChOO^11funding1bonds^600111^ rCSU,ted lQ fav0r ° f a

a ^ c o r t t to ‘reports* C° ’ ° f B ° St° n at 103-2° - a basIs of
FATE INDEPENDENT SCHOOL DISTRICT <P O Fate) Rockwall
C ounty. T e x a s — Bonds Registered.— On June 21 the State Comptroller
registered $13,000 5% 20-40-yr. topt.) building bonds
com ptroller
FERGUS COUNTY SCHOOL DISTRICT NO. 1 <P. O Lewistown)
j^ont-— Proposals win be received until 2 p. m. J u ly " l7
y v*?1*^^* ^Ist. Clerk, for $67,000 5% gold coup bldg bonds
Donom . $1,000. Date July 1 1911. Int. J. & J. Due 20 v rs^ 'o n t after in
^
^ r t - check for 5% of bonds, payable to the Dlst. Cleric, required.
FR ED E R IC K C IT Y, Frederick C ounty. Aid.— Bond o fferin g .— A ttention
Is called to the official notice elsewhere In this department of the $30,000
4>4% 10-20-yr. (opt.) cou p, water bonds. For description and terms o f
offering see V . 92, p. 1715.
KaCn,RAnR^
Crli 9 0 , L D ,? I RIC.T N, ° 37 (P Girard), Crawford C ounty.
K aJb
Dc/ea<ed.— The election held June 27 resulted in the defeat
of the proposition to issue the $35,000 bldg, bonds (V . 92. p. 1655).
GLASGOW , Barren C ounty, K y .— Bonds to B e Offered Shortly — W e are
informecl that the $ 15 .°0p ref. bonds (V . 92. p. 894) are being printed and
will be advertised for sale within a few weeks.
O.o PPF j r! ila C.0l' nty. A riz. Bonds Defeated.— The election held June 19
S
in defeat of the proposition to Issue the $45,000 high-school and
$10,000 school-im p. 5% 10-20-yr. (opt.) bonds (V. 92, p. 1655).
GRAFTON, Lorain C ounty, Ohio.— Bond Offering.— Proposals will be
received until 12 m. July 27 by J. R . Knight. Vil. Clerk, for $12,000 5%
r?,n£- road-imp bonds. A uth. Sec. 3939-54, Gen. Code; also election held
June 1 1911. Denom. $500. Date June 1 1911. Int. A . & O at the
OeC
trkiS
i°Qf?iCCto
tn 1928 lncl.
iS50.° 5T iy ' P c t - 1 1913 to 1920 *ncl. and $1,000 yrly.
Oct.
1 1921
Bonds are exem pt from taxation
Cert cheek
bank for $1,000, payable to the Clerk, required. Purch. to
pay accrued Int. No debt at present. Assessed val. for 1912, $450 000

(103.)22)CrandVl n L - 4 ‘ i V ^ b a s ^

t o t

^

ln Clcyeland for $5,677 25

HAMBURG SCHOOL DISTRICT NO. 13 (P. O. H am burg), Erie C ounty.
N. Y. Bond Sale.— On June 23 the $20,000 5?o 1-20-yr. (ser.) gold bldg
bonds (V . 92, p. 1655) were awarded to John J. Hart of A lbany at 104 67
•and int.— a basis of about 4 .4 3 9% . Other bids follow:
'
100 00
Adam s & Co., New Y o rk -----104.0851 People’s Bank, H amburg
r arson. Son & Co., New
A . B . Leach & Co., New Yrork
------ ----------------------100.416|
(for 4 ^ S ) --------------------------- 100.031
All bidders ottered accrued int. In addition to their bids,
(P ’ ° ’ K e e to n ), Ohio.— Bond S a le — On June 26 the
5^.3 600 34 4 H % 5-yr. (av.) refund, bonds (V. 92, p. 1583) were awarded
to Hayden, Miller & Co. o f Cleveland, it is stated. An Issue of $7,800 dralnage bonds, it is stated, have been awarded to the New First National Bank,
of Columbus.
■
Pa>— P ona Sale.— The Comptroller advises us that
$»,800 4% Improvement bonds were awarded to contractors at par
n r S A RTFOi ? D’ V\ ESTi. M,D D I;E SCHOOL DISTRIC T. C o n n — Bond
Offering.— Proposals will be received until 12 m . July 13, it is stated, for
the $160,000 4 % cou p, bonds (V . 92. p. 1655). Denom. $1,000. Date
Aug. 1 1911. Int. F. & A . Due 1936.
HASTINGS, Adams C ounty, Neb.— Bonds Defeated.— It Is stated that
an election held June 27 resulted in defeat of the question of issuing $118 000 school-bldg, bonds.
’
„ HAYS COUNTY COMMON SCHOOL DISTRICT NO. 4. T exas.— Bonds
Registered.— The State Comptroller on June 15 registered $8,000 5% 20-yr.
building bonds.
H EAD LAN D, Henry County, A la.— Bonds Proposed.— This city proposes
to Issue $7,500 5% gold cou p, water and light imp. bonds. Denom. $500.
Date July 1 1911. Int. J. & J. at Chicago or New York. Due 1931.
Bonds arc exem pt from all taxation. Present bond, debt, $23,000. No
Iloatlng debt. Assess, value for 1910, $675,000.
HEARNE, Robertson County, T ex.— Bond Offering.— Proposals will be
received until 5 p. m. July 10 by P . L. Brady, Mayor, for $20,000 watcrworks and $5,000 elec-llght 5% 20-40-yr. (opt.) bonds registered by the
State Comptroller on June 17.
HELENA, Alont.— Bonds Voted to Purchase Water P lant.— The propositlon to issue $400,000 5% bonds for the purchase of the plant of the Helena
W ater-W orks Co. (V . 92, p. 1327) carried by a vote o f 1,036 to 204 on
jim c 60>

$10,200 W yom ing St. bonds. Denom. $1,000 and $1,200. Due $1,200
, „ „ „ 9,n July 1 1913 and $1,000 yrly. on July 1 from 1914 to 1922 lncl.
4,800 Germantown St. bonds. Denom. $1,000 and $800. Due $800 on
July 1 1913 and $1,000 on July 1 In each of the years 1915, 1917.
1919 and 1921.
3,400 W yom ing St. bonds. Denom. $1,000 and $1,400. Due $1,400 on
July 1 1914 and $1,000 on July 1 in each of the years 1918 and 1921
Date July 1 1911. Int. J. & J. In New York. Cert, check on a national
bank for 5% o f each Issue bid upon, made payable to the city without anv
conditions, Is required. Bonds will be delivered on July 11 1911.
DEDHAM , Norfolk County, Mass .— Note Sale.— On June 29 $12,000 4°',
sewer, street and park notes were awarded to Adams & Co. of Boston at
100.371. Denom. $1,000. Date July 1 1911. Int. J. & J. Due $4 000
In 1912, $2,000 in 1913, 1914 and 1915, and $1,000 In 1916 and 1917.
'
D E LA W A R E , Delaware County, Ohio.— Bond Sale.— On June 2 6 the
$o,600 South St. No. 2 and $500 Blym yer St. 5% cou p, bonds (V. 92, n
1582) were awarded to the First Nat. Bank of Delaware for $6,348 25
(104.069) and Int. Other bids follow:
W ell, R oth & Co., C ln ------$6,255 QOJ Hayden, Miller & C o., Clcv.$6,210 00
Seasongood & Mayer, C ln .. 6,233 281
Interest M. & S.
Bonds Authorized.— Ordinances have been passed providing for the U v
ancc of $2,000 Elizabeth St. and $2,500 Campbell St. 5% cou p, imprdi c
bonds. The former Issue is In denom . of $200 each and the latter Issue in
denom . of $250 each. Date July 1 1911. In;, ,11. & S. One bond of
each Issue matures on Sept. 1 every year from 1', *2 to 1921 Inclusive.
DORRANCETON, Pa.— Bond Offering.— Proposals will be received until
to-day (July 1) by C. B. H oyt, Chairman of Finance Committee
<33 Bennett Bldg.. W ilkes-Barre), for $36,000 5% cou p, sewer bonds
HEMPSTEAD, Nassau County, N. Y .— Bond Sale.— On June 23 the three
5o0°- In t- J - & J- Due $3,000 yrly. July 1 1916 to 1927 lncl. Issues
o f reg. bonds were awarded to Harris, Forbes & C
Co. of—New Y ork.
Bonds are exem pt from State tax.
The bids follow:
EAST A U R O R A , Eric C ounty, N. Y .— Bond Offering.— Proposals will be
$250,000 5-24-yr.
$30,000 1-20-yr.
$8,100 3-8-yr.
received until 8 p. m. July 18 b y D. N. R um scy, Village Clerk, for the follow ­ „
.
„
(ser.) sewer bds.
(ser.) vil. bldg. bds.
(ser.) park bds.
Harris, Forbes &
ing sewerage bondsCo.,
New
York.100.189
for
4.20s
100.031 for 4.20s 100.02 for 4.20s
$111,375 Series No. 1 bonds
Denom. $1,000, $500 and $625. Date W atson & Press_ nnn £ 7 1
Due $4,125 yrly. on July 1 from 1914 to 1940 lncl.
prleh, N. \r____100.37 for 4.25s 100.37 for 4.25s 100.37 for 4.25s
7 .0 °0 Series No. 2 bonds
Denom. $500. Date A ug. 1 1911. Due
Ferris &White, N.Y. 100.34 for 4.25s 100.04 for 4.25s 100.024 for 4.25s
$500 yrly. on A ug. 1 from 1916 to 1920, lncl.
Parkinson & Burr,
Int. (rate to be named in bid) payable semi-annually. Bid must be
N .Y . (for all iss.)
$288,930 (100.288) for 4.25s
A
. B. Leach & Co.,
m ade on each issue separately and be accom panied by an unconditional
N .Y . (for all Iss.)
100.071 and Int. for 4.25s
certified check for 2% of bonds bid for, m ade payable to Alfred Brother­
Adams & C o .,N .Y .100.07 fo r 4.30s 100.123 for 4.30s . . .
h ood, Village President. The validity o f the bonds will be approved b y Chisholm & Chap­
Dillon, Thom son & Clay of New Y ork, whose favorable opinion will be de­ _ man,
Y
k .100..,07 fo r 4.30s 100.12 for 4.30s
------- New
„
r -o-r..........
Farson, Son & Co.,
livered to the purchasers.
New Y o r k --------100.166 for 4.35s
100.66 for 4.35s 100.66 for 4.40s
The official notice of this bond offering will be found among the advertise­ R oslyn
Sav. Bank,
ments elsewhere in this Department.
R o s ly n ________ ________________ joq
for 4.25s .
HARTFO RD FIRE DISTRICT (P. (). East H artford), Hartford
Auth. Chapters 199, 201 & 202, Laws o f 1911. Bonds are tax-exem pt.
C ounty, Conn. Bonds Authorized.— A resolution has been passed providing
HERRIN, W illiamson C ounty, III.— B ondi Voted.— An election held
for the Issuance of $60,000 gold cou p. Hillstovvn pipc-linc-extension bonds
at not exceeding 4% int. Denom $1,000. Date Sept. 1 1911. In t. June 19 resulted in a vote of 357 to 334 ln favor of a proposition to issue
$33,500 5% coup, water bds. Denom. $500. Date July l 1911. In t.
M. & S. at the Security Co. In Hartford. Due 20 yrs, op t. 10 yrs.
tJ,'
Trust & Savings Bank in Chicago. Due $3,000 yrly
EAST PROVIDENCE. Providence County, R. I .— Bond Offering.—
Proposals will be received until 7:30 p. m. July 5 by G. M. Hull, Pres, o f July 1 1930 and11931lnCl' ’ 33,500 July 1 1927, 1928 and 1929 and $4,000




66

THE CHRONICLE

H IG H LA N D P A R K , W ayne C ounty, Mich.— B o n d Offering.— Proposals
wM be received until 7:30 p. m. July 3 6y It. M. Ford, VII. Cleric, for $45,000
water and $28,000 ftre-dept. 4% cou p, tax-free bonds. Denom. $1,000.
Date July 15 1911. Int. July 15 at the Dime Savings Bank In D etroit.
Due, the water bonds in 20 yrs. and fire bonds in 10 yrs. Cert, check for
$500, payable to the Clerk,;required.
• • ■ fcsfsl...................................W
■ H IL L IA R D S , Franklin C ou n ty,'O h io.-—B o n d T O ff e r in g .— Proposals will
be received until 2 p. m. July 29 by H . S. R om tck, VII. Clerk, for the
$8 000 5% sewerage-system bonds voted April 25 (V . 92, p. 1266). A uth.
Sec 3924, 1939, 3940, 3941, 3942, 3945, 3947, 3948, 3949 to 3954, Gcil.
Code. Denom . $500. Date Sept. 1 1911. I n t .M .& S . Due $500 Sept. 1
1912 & 1913 and $1,000 yrly. Sept. 1 1914 to 1920 incl. Bonds to be de­
livered and paid for within 10 days from time of award. Cert, check on a
banking house in Columbus for 5% of bonds bid for, payable to the VU.
Treas., required. Purchaser to pay accrued interest.
HOBOKEN. N. J .— B o n d S a le .— The $125,000 4 M % 20-yr. cou p, or
reg. city-hail bonds (V. 92, p. 1715) were sold on June 28 to Estabrook &
Co. of New York at 105.851— a basis of about 4 .0 7 % . The following bids
were also received:
A . B . Leach & Co.,. N. Y ____105.379 Sutro Bros., New Y o r k -------- 104.550
Harris, Forbes & C o., N . Y . . 105.338 Outwater & Wells, Jer. C ity . 104.385
R . M. Grant & Co., N. Y ____105.288 Rhoades & C o.. New York._104.373
O'Connor & Kahler, N. Y . . .105.076 E . H. Robins & Sons, N . Y . 104.298
Parkinson & Burr, N. Y ____104.771 Kissell, Kinnicutt & C o ­
New Y o r k ___________ - — 104.026
N . W . Halsey & Co., N. Y . .104.636
Blodget & C o., New Y o rk ___104.567 Farson, Son & Co., N. Y ------ 104.013
a
County,
M
ich.—
Bond
Sale.— On June 21 the $15 000
HOLLAN D, Ottawa
3 -yr. (av.) water and the $10,000 2 H -yr. (av.) sewer bonds (V . 92 p. 1655)
were awarded to the First Nat. Bank of Detroit at 100.304 for 4 Ms. 1 he
following bids were received:
$15,000 bds.
$10,000 bits.
?lrst Nat. Bank, D etroit----------------------------------First
E

s- B- ShaPker & Co" Chlcago-------------------- ©

5.170 °o°o

* 10413 oo

[V O L . L X X X X I l I .

LAMONT SCHOOL DISTRICT (P . O. L am on t). Buchanan County, la .—
— Purchaser o f B onds.— The purchaser of the $4,000 <>% 4-10 -y i. (opt.)
bldg. bds. (V . 92, p. 1716) was Geo. M. Bechtel & Co. o f Davenport at par.
Denom . $500. Date July 20 1911. In t. J . & J.
LEF.TONIA, Columbiana County. O hio.— Bond
rT iPk°Sf i r th «
be received until 12 m. July 10 by F. A . W hittaker, Village Cleilv, for the
following 5':;, street-im p’ t assessment bonds:
T„ i , r i n i o i >
814,360 Main St. bonds. Denom. $1,436. Due $1,436 yrly. July 10 1912
to 1921 Inclusive.
,
T ,
1,855 Chestnut St. bonds. Denom. $185 50. Due $18a o0 yrly. July 10
1912 to 1921 Inclusive.
.
,
5,000 Main St. & Chestnut St. bonds. Denom. $500. Due $500 yrly.
July 10 1912 to 1921 Inclusive.
,
,
., , _
Date July 10 1911. Int. J. & J. Bonds to be delivered and paid for
within 10 davs from time of award. Cert, check for 5% of bonds bid for,
payable to Village Treasurer, required. Purchaser to pay accrued Int.
LEWIS COUNTY SCHOOL DISTRICT NO. 9. W ash.— Bond Sale N oe
Consummated.— The $93,000 bonds awarded on June 3 to the State of Wash­
ington at par for 4 Ms (V. 92, p. 1656) are the same securities that were sold
on April 7 to the Davis & Struve Bond Co. of Seattle. The llrst sale, we
are advised, was never consum m ated, as the attorneys for the purchasers
rejeted the bonds on account of an Irregularity in the ballot. A new elec­
tion was then held, correcting the defect, and the bonds re-advertlsed
and sold, as stated.
I IRRV
I incoln Countv Mont. -B onds Voted.— The election held
June 17 re’sultuf,°tt is stated. In a vote of 34 to 17 in favor of the proposition
to is-me the $20,000 sewer and funding bonds (V. 92, p. l.>84).
LIBERTY TOW N SH IP (P. O. Girard), Trumbull C ounty, Ohio.—
Offering.— Proposals will be received until 12 m. July 14 b y J. A . Howells,
Clerk, for $50,000 5% road-lm pt. bonds. Auth Sec. 7004 &; 700o, Gen.
Code. Denom. $500. Date July 15 1911. I n t . M . & S - at the Treas.
office. Due $500 each six mos. Mch. 1 1912 to Sept. 1 1921 Incl. and $1,000each six mos. Mch. 1 1922 to Sept. 1 1941 Incl. Bonds to be delivered and
paid for within 10 days from time of award. Cert, check on a bank m
Trumbull County for 5% of bonds bid for, payable to the Treas., required.
All bids shall be unconditional, except a condition subject to the legality
of the Issue.” Purchaser to pay accrued Int.
1 ICK'INfi C O IINTY (P O N ewark), O hio.— B ondS n le.— O n J u n e 2 7 t h e
six Issues o f 4 % p ik e -r o a d b o n d M V % 2 " P- 1716). ag^egattng $117 000.
were awarded to Breed & Harrison of Cincinnati at par and int., it is stated.
i n r.K \ v n n n IRRIGATION DISTRICT (P. O. Billings), Yellowstone
Com t y Mo n t
Sold - W e are advised, under date of June 26.
that the $45,000 6% bonds (V . 92. p. 1330) have not been sold.
I OWEI L H a ss.— Temporary L oan.— On June 29 the loan of $7h0,000
due Julv 1 191 z (V 92 p. 1716) was negotiated with Estabrook & Co. of
Boston at 3 75% discount, it Is stated. T he loan of $100,000 due Dec 1
1911, was also negotiated on June 29 (V. 92, p. 1710) vwth the First Nat.
Bank of Boston at 3.45% discount, according to reports.
LUVERNE INDEPENDENT SCHOOL DISTRICT (P . O. Luverne).
Kossuth County. I o w a — Bond O fferin g— Proposals will £ e received until
8 p. m. A ug. 1 for the $7,000 4 M % bldg, bonds (V . 02, p. 1<L>6).0 , , u th '
vote or 28 to 3 at the election held June 26. Int. seml-ann. Due 1921.
MCDONALD. W ashington County. P a.— Bond S p r in t /.— Proposals will
be received until 7:30 p. m . July 14 by O. Allison. Bor“ d “ k,n' i 5! r ° f
4 M % tax-free street-impt. bonds, Denom. $500 & $1,000. Date A u ?. 1
1911. Int. F . & A . Due $500 yearly for 6 yrs. and $1,000 yrly. foi 12
yrs. Cert, check for $200, payable to B oro. Ire a s., requited.
M r n n w p i ( c m INTV (P O W elch). W . V a.— Bids Rejected.— All bids
received onEJune 17 for the *5 0 4 0 0 20-30-yr. (opt.) North Fork Dist. and
$30,000 10-20-yr. (opt.) Elkhorn Dist. 5 % cou p, road-im p. bonds (v . J2,
p. 1581) were rejected.
_
,
McLFNNAN COUNTY (P O W aco), T e x .— Bond Offering .— Proposals
will be received until July 10 by T . L . McCullough, County Judge, for the
$100,000 5% McGregor Precinct road bonds voted May 27 (V . 92, p . 1080).
Denom . $1,000. Date July 10 1911. Due 40 yrs., op t. after 10 years^
MADISON Onne Couutv. W is.— Bond Sale.— On June 23 the $75,000
4% 20-yr. cou p, sewer-disposal bonds (V. 92, p. 1656) wore ^ w ardedto the
Harris Trust & Savings Bank of Chicago at par & Int., leas $1,26-> for
attorneys’ fees and expenses—98.313— a basis of about 4 .1 2 5% . Other

Cutter, M ay & Co., Chicago----------------------------blaV o,O il 00
----------------(XlOi^oo uu ----------------*10,067 00
E . H . Rollins & Sons, Chicago--------------------- -- ^ 15.117 00
A . B. Leach & C o., C hicago--------(both Issues) *$25,140 00
II. W . N oble & C o., D etroit------(both Issues)
*2o,12o 00
----------------a For 4 ^ s . * For 5s. b Bid said to be Irregular.
HOLLY SCHOOL DISTRICT (P. O. Holly) .O a k la n d C ounty, M ich.—
Bonds Voted.— A n election neld June 19 Is said to have resulted In favor
of a proposition to Issue $13,000 building-repair bds. These securities
will take the place of the $30,000 new school bds. voted on April 18.
V . 92, p. 1511.
HOOD RIVE R IRRIGATION DISTRICT (P. O. H ood R iver), H ood
River County, Ore.— Bond Offering.— Proposals will be received until
2 p. m. July 3 by It. W . K elly, Sec. Bd. of Directors, for $70,000 6% gold
cou p, com pletion bds. A uth. Chap. 5, Title 39, Billings & Cotton s A nno­
tated Codes & Statutes. Denom. from $100 to $1,000. Date July 1 1911.
In t. J. & J. at place designated In bonds or, at opt. of holder, in P ortland,
Chicago or New York Due $3,500 In 11 yrs., $4,200 in 12 yrs., $4,900 in
13 yrs., $5,600 In 14 yrs., $6,300 In 15 yrs., $7,000 In 16 yrs., $7,700 In
17 yrs., $9,100 in 18 yrs., $10,500 In 19 yrs. and $11,200 in 20 yrs. These
bonds were previously ollered on April 17. (V . 92, p. 8 9 9 . ) ......................
HOUSTON COUNTY (P. O. C rockett), T ex .— Bond Offering.— Proposals
will be received until 2 p. m. July 8 by E. WInfree, Co. Judge, for $150,000
R oad District No. 3 and $24,000 R oad District N o. 1 5% im pt. bds. Int.
seml-ann. for Dist. N o. 3 bds. and ann. for DIst. N o. 1 bds. Int. on both
Issues is payable at the City Nat. Bank in New Y ork . Due 40 yrs.
H U B B A R D , Marion County, Ohio.— Bonds Voted.— The election held
June 24 resulted in favor of the proposition to Issue the $30,000 water bonds
(V . 92, p. 1655). The vote was 252 to 35.
HUNTNGTON TOW N SHIP SCHOOL DISTRICT (P . O. H untington),
Lorain C ounty, Ohio— Bonds Not Sold— Bond Offering.— No satisfactory
bids were received on June 24 for the $12,000 4 % bldg. bds. V . 92, p. 1655.
The Interest rate has been Increased to 5 % , and new bids are asked, this
time until July 15. Denom. $500.
H U N TSVILLE, Madison County, Ala.— Bond Offering.— Further details
are at hand relative to the offering on July 4 o f the $100,000 5% city-hall
bds (V . 92, p. 1655.) Proposals will be received until 8 p. m. on that day NIdWf°Halscy & Co., Chicago $73.7301 E. H . Rollins & Sons C h ic--$73,005
b y R . E. Smith, Mayor. Int. seml-ann. Due 30 yrs.; op t. after 20 yrs. John E . Do W olf, Milw . . . 73.580 H . ’1\ Holtz & C o., C h ica g o .. 73,-09
or any Interest period thereafter. Check for $2,000 r e q u ir e d ..................
Em ery. P e ck * R ock w ood, Chi. 73,530|T. J. Bolgcr C o., C h ic a g o ... <l,-o.>
INDEPENDENCE, Jackson C ounty, Mo .— Bonds Defeated.— T he election
MANCHESTER, Hillsboro C ounty, N. II. —
'HkVde n
held June 20 resulted in the defeat of the propositions to issue the $40,000 885.000 3 14% 1-17-yr. (ser.) sch. bonds, awarded on June 12 to tiayaen^
bridge and $10,000 m arket-place bonds (V. 92, p. 1266). The vote was Stone & Co. of Boston at 98.09 * Int. (V. 92, p. 1656), are In the denom.
189 to 563 for market-place bonds and 148 to 604 for bridge bonds.
of $1,000 each and dated July 1 1911. Int. J. « J.
MANDAN, Morton County. No. D ak.— Bonds Voted.— We seci It stated
IN D IA N A PO LIS SCHOOL DISTRICT (P. O. Indianapolis)^. Marion
C ounty, Ind .— Bond Sale.— On June 13 an Issue of $75,000 4% bldg, bonds that an election held June 22 resulted In a vote of 169 to 11 in ravoi oi a
was awarded to J. T . Elliott & Sons of Indianapolis for $79,076— making proposition to Issue $80,000 water-works bonds.
the price 105.434. Denom. $1,000. Date July 1 1911. Int. J. & J. bly voted upon before, but the first election was declared void as a result
Due $25,000 In 1941 and $50,000 In 1942.
of some technicalities.
MANSFIEI D Bristol C ounty. M ass.— Bond Sale.— On June 28 $40,000
JACKSON , Hinds C ounty, Miss — Bond Offering.— Proposals will be re­
ceived until 3:30 p. m. A ug. 1 by the Clerk for the $65,000 sch.-im pt. and 4% high-school’bonds were awarded, it Is stated, to Curtis & Sanger, of
$85,000 str.-tm pt. 5% bonds (V . 92, p. 1656). A uth. Sec. 3416, 3419 and Boston, at 103.19. Date July 1 1911. Due $2,000 yrly. 1 9 1 - to 1931 Incl.
3420 Miss. Code of 1906, and A ct of State Legislature approved A pr. 5 1910
MATTAMUSKEET DRAINAGE DISTRICT (P. 0 . M iddletow n'. H yde
the same being Chap. 142, Laws of 1910. Denom. $1,000. Date Feb. 1 County, No. Caro.— Bonds Not Sold.— The sale of the $500,000 0% drainage
1911
Int F. & A . at the Nat. Park Bank in New Y ork. Due Feb. 1 1931. bonds (V 92, p. 1585) fixed for June 21 did not take place, owing to pending
Bonds arc non-taxablc. Cert, check for 1% of bid payable to the Clerk, litigation. It appears that a su t was bn)Ught to restrain the s>Ue of these
required
Official circular states that there is no litigation or controversy, bonds. The Superior Court decided in favor of the district but an appeal
pending or threatened, concerning the Issue of these bonds or affecting the has been taken to the Supreme Court, where the case will he heard aoout
corporate existence or the boundaries of this citv. or the title of its present Sept. 1, after the summer recess.
officials to their respective offices, or the validity of these bon Is: also no
MILFORD INDEPENDENT SCHOOL DISTRICT ( j*•° H £ ° u l te*d°it Is
previous Issue has been eon teste I an 1 the priu. an l Int. o f all previous inson
County, la.— Bonds Voted.— An election held June 19 resulted, it is
Issues of bonds have been prom ptly met. A . C. Crowder Is Mayor.
stated, In favor of a proposition to Issue $20,000 bldg. bds.
JA V A (P. O. W arsaw ), W yom ing C ounty, N. \ .— Bond Offering.— Pro­
MINNEAPOLIS. Ottawa C ounty. Kan.— Bonds Vafed.— A n ejectlon h eld
posals will be received until 1 p. m . July 6 by I1rank Cooper, I own Super­ June 20 resulted In favor of the question of Issuing $lo,0 00 electric ngni
visor, care o f E . T . Montgomery, County Treasurer, It Is stated, for $5,000
4 M % highway bonds. Denom. $1,000. Date July 1 1911. Int. J. & J .
MISSISSIPPI COUNTY D R AIN AGE DISTRICT NO. 23. Mo .--B o n d
Due $1,000 yrly. on Feb. 1 from 1913 to 1917, lncl. Cert, check for 10%
of bid required. The town has no debt at present. Assess, value $675,000. O ffering__Proposals will he received until 12 m. A ug. 7 by A. R. Boone,
County 'Treas (P O. Charleston), tor $240,000 6% cou p, drainage tax
JUNI AT A Blair County, Pa.— Bonds Offered bn Bankers.— The Hanchett horuls
Auth Art 4, Chap. 41, R ev. Stat. 1909 and amendments thereto,
Bond Co. o f Chicago is offering to Investors the $10,000 o "„ 10-30-yr. w iter- nenum Si ooo
Date Sept. 1 1911. Int. M. & S. at the Treas. office,
lm p. bonds (V. 92, p. 1584). Bonds are tax-exem pt In Pennsylvania.
m tc Mch$ l ’ a sfo llo w s ? $4,000 In 1914, 85.000 In 1915, $10,000 In 1916 and
KALAM AZOO SCHOOL DISTRICT NO. 1 (P . O. K alam azoo). Kala­ j <\17 <?o ooo in io i8 $ 1 1.000 In 1910, $ I d , 000 yrly. from 1920 to 1 9 2 o ln cl.,
m azoo C ounty, M ich.— Bond Offering.— Proposals will be received until $ 6;doo in l9 2 6 . $15 000 in 1927, $16,000 in 1928. $20,000 In 1929 and 1930
12 m. July 5 by Howard H. Buckhout, Secretary Bd. of E duo., for the and $14 000 In 1931
Cert, check for $ 1,000, payable to the County 'I rcas
$60,000 4 M % coup, school bonds voted on June 5. Denom . $1 000. Date H required
Bonds to be delivered about Sept. 1. Bonds will be certified
Julv 15 1911. Int. J. & J. at the Kalamazoo City Savings Bank of Kala­ iV a s to their genuineness b v W ood & Oakley of Chicago, whose opinion
m azoo. with New York or Chicago exchange. Due $15,000 yrly. from 1918 will be furnished o n a p p lica tio n . Official circular states that there Is no
to 1921 incl. An unconditional certified check for 3 % o f bonds bid for, controversy or litigation pending thresXenIng t h M
payable to the Pres. Bd. o f E duc., required.
bouti laries o f this district or the title of Its officials, the \alldlty of these
h
Is or in v other' outstanding bonds. No default on bonds, principal or
KANSAS C ITY, M o.— Tax Certificate Sale.— On June 26 $73,000 6%
1-15-yr. fser.) North Terrace Park tax certificates were awarded to the P R e «s ?r imsy ever^'occurred ^ this cou n ty, and no Issue of bonds has ever
been contested, repudiated or com prom ised In anv manner
Payments o f
Fidelity Trust Co. of Kansas City, it Is stated, at 100.50.
K E A RN Y , Hudson C ounty, N. J .— Bond Offering.— Proposals will be principal and Interest are prom ptly made at m aturity. No debt at present.
Assessed
valuation
19
i
0,
$3,937,705.
received until 8 p. m. July 26 b y the Town Council for $62,000 4 M % school
MONTGOMERY Ala.— Bond Election Proposed.— There Is talk of holding
bonds. M aturity 25 years. Cert, check for $3,000 is required. Burton an election to vote’ on the question of issuing $300,000 funding bonds.
E . Canfield Is Town Treasurer.
MONTGOMERY COUNTY (P . O. D ayton), O h io — Bonds Authorized.—
The official notice o f this bond offering will be found among the advertise­ Dispatches state that on June 22 the County Commissioners authorized the
Issuance of $10,000 bridge and $1,700 Diehl ditch bds.
ments elsewhere in this Department.
MORRISON, W hiteside C ounty, 111.— Bond Sale.— On June 22 the $9,000
K ITSA P COUNTY SCHOOL DISTRICT NO. 24. W a s h — Bond Sale.—
On June 20 $1,500 5 M % 1-10-yv. (opt.) bldg, bonds were awarded to the 5'% 6 U -yr (av.) cou p. Base St. paving bonds (V . 02. p. 1656) were awarded
to H . T H oltz & Co. of Chicago at 102.288 & blank bds. lh c bids follow:
State of W ashington at par. Denom . $300. In t. annual.
r r ...
« a, .
i. i ....
C
m i\ n r\r\ I f
6 . O m r T il
LAKE COUNTY (P. O. Painesvillc), O hio.— Bond S a le — On June 24 H .T . H oltz & C o., Chicago $9,206 00 Harris T r.& Sav. Bk.,Chic. $ 9 ,101 75
the $68,000 W illoughby T w p. and $26,000 Kirtland, W illoughby and E. II. Rollins & Sons. C hic. 9,191 25 N. VV. Halsey * Co., C hic. 9,100 00
Chas.
S.
Kidder
& Co.,Chlo. 9,057 00
S.
A.
Kean
&
C
o.,
C
hic____
9,189
00
Mentor twps. 4 M % coup, road bds. (V. 92, p. 1656) were disposed of,
according to reports, the former Issue to the Cleveland Trust Co. of Cleve­ R. C. O. Matheny, S pring!. 9,171 00 F. B. Hitchcock &Co..ChIe. 0,055 00
iiiery.rw
K onRuun
nuuu
.vH
.o.iuu uu
ery,P eck&
ockw
ood,C
h.9,150
00 H . C. Speer & Sons, C h l0 „ 9,000 00
land at 102.27 and the latter Issue to Otis & Hough of Cleveland at 102.523. E m
Two other bids, without cert, checks, were received. '\1.1Jli '
A nV
Part of each Issue matures every six months from March 1 1912 to March l
M r. PLEASANT (Town) UNION FREE SCHOOL DISTRICT NO. 1
1921 Incl. and part on July 1 1921. Bonds are exem pt from all taxes.
(P.
O.
North
T
arrytow
n),
W
estchester
County,
N
.
Y
.
J
^
d
O
f
f
e
r
t
n
o.The bids follow:
Proposals will be received until 8 p. m . July o b y the Clerk Board o f Educa­
$68,000
$26,000
tion, according to reports, for $10,000 5 % bldg, bonds. Denom. $1,000.
Issue.
Issue.
Cleveland Trust C o., C levelan d.............................
$69,543 00
$26,590 20
Otis & Hough, Cleveland__________________
69,440 00
26,656 00 " m USKOGEE COUNTY SCHOOL DISTRICT (W ainw right), O k l a . 69,434 12
26,oo6 40 Bond S a le .— On May 24 $12,000 6% bldg, bonds were awarded to Speer &
Stacy & Braun, T oled o______________________
First National Bank_____ __________________________ 69,147 75
26.582 75 Dow o f Fort Smith at 100.25. Denom . $500. Date June 6 1911. • Int.
H ayden, Miller & C o., C le v e la n d ......... ...........
69,140 00
26,462 00 J. & J. Due Jan. 1 1931.




Ju ly

1 1911.1

THE CHRONICLE

MUSKOGEE COUNTY SCHOOL DISTRICT NO. 10 (Haskell), O k l a . Bond Sate.— On May 4 $10,000 6% bldg. bds. were awarded to Speer &
Dow of Fort Smith at par. Denom. $500. Date May 20 1911. Int.
J. & J. Due Jan. 1 1931.
NATIONAL C ITY , San Diego C ounty, Cal.— Bond Offering.— Proposals
will be received until 7:30 p. in. July 11 b y the City Clerk for $7,500 5%
fire bds. voted on April 4. (V . 92, p. 1453.), It is stated. Denom . $250.
Date July 1 1911. Due 30 yrs.
NELIGH, Antelope C ounty, Neb.— Bonds Voted.— The question o f Issuing
$10,000 sewer bonds carried, reports state, at an election held June 21.
NEW BARBADOES TOW N SHIP SCHOOL D ISTRICT (P. O. Hacken­
sack), Bergen C ounty, N. J . — Bond S a le.— It. M. Grant & Co. of New York
City recently purchased the $150,000 4 H % 2 3 ^ -y r . (av.) cou p, (with prlv.
o f rcg.) bonds, bids for which were rejected on May 29. V. 92, p 1510
Denom . $1,000. Date May 1 1911. Int. M. & N. Bonds are tax-exem pt.
NEW B RITA IN , Conn.— Bond Offering.— Proposals will be received until
12 m . July 5 by F . S. Chamberlain, City Treas., for the $40,000 4 % 25-yr.
coup, sewer bonds (V . 92, p. 1716). Denom. $1,000. Date Jan. 1 1911.
Int. J. & J. at the New Britain Nat. Bank In New Britain. Bonds will be
certified as to genuineness b y the Old Colony Trust Co. o f Boston, which
will further certify that the legality o f the bonds has been approved by
Storey, Thorndike, Palmer & Dodge o f Boston, a cop y o f whose opinion
will be furnished to the purchaser without charge.
NEW BURGH. Orange County. N. Y .— Bond Sale.— On June 24 an Issue
of $40,000 4.10% school bonds was awarded to I. W . Sherrill of Pough­
keepsie for $40,012— making the price 100.03. Denom. $1,000. Date
July 1 1911. Int. J. & J. Due July 1 1931.
NEW HAM PSHIRE (State).— Bonds Awarded in Part.— Of the $250,000
3 H % G-10-yr. (ser.) highway bds. ollered on June 27 at par by popular
subscription (V . 92, p. 1657), $128,000 were subscribed for b y individuals
and banks.
NEW PORT, Herkimer County. N. Y.— Bond Offering.— Proposals wll
be received until 9 a. m. to-day (July 1) by C. L. Fellows, Vll. Clerk, for
$15,000 cou p, water bonds at not exceeding 4% int. Denom. $500. Date
July 1 1911. Int. July at the Nat. Bank of Newport. Due $500 yrly.
July 1 1912 to 1941 Incl. Bond, debt, incl. tills Issue, $34,000. No
floating debt. Assess, val. for 1911, $392,150.
NEW ROCHELLE, W estchester County, N. Y.— Bond Sale.— The $58,­
000 5'A -yr. (av.) publlc-Im pt., $87,000 19 K -y r. (av.) court-house and
$4,500 9-yr. sch. 4 % % reg. bds. (V . 92, p. 1657) were sold on June 20 to
Adam s & Co. o f New York at 103.52. The other bidders were:
Ferris & W hite, New Y ork ___103.51 Chisholm & Chapman, N. Y _.1 03 .0 0
Estabrook & C o., N . Y ______ 103.40 Harris, Forbes & Co., N. Y . . 102.81
N. W . Halsey & C o., N. Y . . . 103.37 Farson, Son & C o., N. Y _____ 102.78
It. M. Grant & C o., N. Y ____103.31 E. II. Rollins & Sons. N. Y . .102.41
Kountze Bros., New Y ork ___103.14 A . B . Leach & C o., N . Y ____102.29
Parkinson & Burr. N. Y _____ 103.08
NEW YORK STATE.— Bond Offering.—- Proposals will be received until
2 p. m. July 20 b y William Sohm cr, State Comptroller, at A lbany, for
$10,000,000 highway and $2,500,000 Palisades Inter-State Park 4 % gold
cou p, or rcg. impt. bds., dated March 1 1911. Int. M. & S. at the Bank of
the Manhattan Co. In New York. Coup. bds. will be In denom . of $1,000,
reg. bds. $1,000, $5,000, $10,000 & $50,000. Due March 1 1961. Bonds
are tax-exem pt. Cash. cert, check or bank draft upon a bank or trust
com pany o f the cities of A lbany or New York for 2 % of bonds bid for,
made payable to the State Comptroller, Is required. All bids to include
accrued Interest.
NILES, Trumbull County, Ohio.— Bond Sale.— On June 23 the $2,500
4
9-yr. cou p, strcct-lm p’t bonds (V. 92. p. 1657) were purchased by the
Dollar Sav. Bank Co. of Niles at 100.02 and Int.— a basis of about 4 V, % .
NOBLE TOW N SHIP (P. O. Belle Valley), Noble County, O hio .— B o n d
O f f e r i n g .— Proposals will be received until 12 m . July 15 by S. S. Barnhouse, Clerk, for the $4,000 4% road bonds (V . 92, p. 1716). Denom .
$400. Date July 15 1911. In t.a n n . Due $400 yrly. on Sept. 1 from 1912
to 1021 incl.
NORTH ARLINGTON SCHOOL DISTRICT (P. O. A rlington). N. J .—
Bonds Voted.— An election held June 26 resulted In favor of a proposition
to Issue $22,500 building bonds. It Is reported.
NORTH BRADD OCK SCHOOL DISTRICT, Pa.— Bond Sale.— Reports
state that $34,000 A'A% 23 H -yr. (av.) tax-exem pt bonds have beon
awarded to J. S. & W . S. Kuhn, In c., o f Pittsburgh.
NORTH D A K O TA .— Bonds Purchased by the State During M a y.— During
the month of May the following 4% sch.-bldg, bonds aggregating $70,950
were purchased b y the State o f North Dakota at par:
Am ount.
Date.
Maturity.
April 1 1921
Adrian S. D ., La Moure C ounty_____ $4,000 April 11911
Bismarck Spec’l S. D ., Burleigh C o ..50,000* April 20 1911 April 20 1931
Fort Lincoln S. D ., Morton C o u n ty ..
500 April 11911 April 1 1921
Gllstrap S. D ., Adam s C ounty______ 1,500 April 1 1911 April 1 1921
April 1 1921
April 20 1931
Oct. 8 1920
Oct. 8 1920
Pleasant Valley S. I).. Wells CountyI
700
April 20 1921
Stevenson S. D ., M cLeon C ounty___1,450
April 1 1931
•Sale previously reported In "C h ronicle.”
The above bonds were all purchased direct from the district issuing the
same, and none Is subject to call.
NORTH TA R R Y TO W N . W estchester C ounty, N. Y .— Bond Sale.—
Douglas Fenwick & Co. of New York purchased $72,000 reg. street-lmpt
bonds on .June 29 at 100.39 for 4.25s. Denom. $1,000. Date A ug. 1 1911,
Int. J. & J. at the Tarrytown Nat. Bank In Tarrytown. In New York ex­
change. Due $6,000 yearly on July 1 from 1916 to 1927, Incl.
NORTH Y A K IM A , Yakima County, W ash.— Power Plant Bond Election
Canceled.— The ordinance providing for the submission to the voters on
July 1 of a proposition to Issue $300,000 municipal power-plant bonds has
been vetoed by the Mayor at the request of the City Council. In return for
the abandonment o f the scheme by the city, the Pacillc Power & Light Co.
has agreed to a reduction from a rate of 15 cents a kilowatt hour to 12 cents,
with a further reduction to 10 cents In June 1912. In addition, the com ­
pany has agreed to eliminate all rental charges on water meters.'
N ORW ALK TOW N SH IP. Huron County, O h io.-B o n d Offering.— Pro­
posals will be received until 12 m. to-day (July l) (date changed from
June 26) b y the B d. o f Trustees, A . March, Clerk, for $5,000 5% highway
bonds. A uth. See. 3295, 3939-3945 of Gen. Code. Denom. $500. Date
July 1 1011. Int. J. & J. at Township Treas. office. Due $500 each six
months from Jan. I 1912 to July 1 1916 Incl. Bonds .arc exem pt from all
taxation and to be delivered and paid for within 10 days from date of award.
Unconditional cert, check for 10% of bonds bid for, payable to the Treas­
urer. required.
O A K LA N D , Alameda County. Cal.— Bond Sale.— The following 6%
1-20-yr. (ser.) bonds voted April 14 (V . 92, p. 1269) were awarded to the
Oakland Bank for Savings In Oakland, It Is stated:
$102,000 DIst. N o. 1 bonds for $102,317— 100.31.
92,000 DIst. N o. 2 bonds for
03,711 — 101.859.
134.000 DIst. N o. 3 bonds for 135,575— 101.175.
148.000 DIst. N o. 4 bonds for 149.977— 101.335.
O A K D A LE IR RIGATION DISTRICT (P. O. Oakdale), Stanislaus
C ounty, Cal.— Bond Sole.— On June 19 $1,175,000 5% gold cou p, irrlg.system bonds were awarded to H . M. M cDonald o f Los Angeles at par.
Denom. $500. Date July 1 1910. Int. J. & J. Due July 1 1931 to 1940.
O A K L E Y (P. O. Cincinnati), Ohio.— Bond Sale.— On June 15 the $ !,518 22 5% 1-10-yr. (ser.) Clarke St. Imp. bonds (V . 02, p. 1586) were
awarded to Seasongood <& Mayer of CIn. for $1,541 (101.50)— a basis of
about 4.688— and the $1,310 75 5% 1-10-yr. (ser.) Martha A vc. Imp. bonds
(V . 92, p. 1586) were awarded to the First Nat. Bank In Norwood for
$1,332 44 (101.654)— a basis o f about 4 .6 5 6% . The premiums offered
follow :
$1.518 22 $1,310 75
Issue.
Issue.
$20 00
Seasongood & Mayer, Cincinnati— ........... - ................. $22 78
19 99
21 69
First National Bank, N orw ood_______________________
Provident Savings Bank & Trust C o., Cincinnati-----18 98
16 38
Oakley Bank, O akley________________________________
17 80
20 76
OGDEN INDEPENDENTSCH. DIST. (P .O . O gden), Boone C o.. I o w a Bond Sale.— On April 28 the $15,000 5% sch.-bldg. bonds (V . 92, p. 616)
were awarded to Geo. M. Bechtel & Co. of Davenport for $15,200, making
the price 101.33— a basis o f about 4 .8 1 % . Denom. $1,000. Date May 1




67

1911. Int. M. & N . Due $l,00OTyearly on^May 1 from 1916 to 1920 incland $10,000 M ay 1 1921.
OM AHA, Neb.— Bonds Defeated.— The election held June 27 resulted In
the defeat o f the proposition to Issue the $8,250,000 bonds for the purchase
and Im provem ent of the Omaha W ater Co. W e are advised that the vo te
was about 100 less than the two-thirds m ajority required to authorize, and
the m atter will no doubt be submitted again. V . 92, p. 1453.
On J.unc 27 the voters also defeated the propositions to issue the court­
house and $100,000 fire-house bonds. • . . . ................................................
OSHKOSH, W innebago C ounty. W is.— Bonds A uthortzed.— An ordinance
has been passed providing for the Issuance of $7,000 street-Imp’t bonds, it Is
stated. Due $1,000 in 1 yr. and $2,000 in 2, 3 and 4 yrs.
OTTAVVA, La Salle C ounty, III.— Bands Voted.— An election held June 24,
*t,Ls stated. resultcd in a vote of 313 to 17 in favor of the question o f issuing
$45,000 school-building b o n d s ...............................................................................
PALO ALTO, Santa Clara County, Cal.— Bond Sale.— An Issue of $50,000
bonds was sold recently, according to reports, to G. G. B lym yer & Co. of
San Francisco.
PATERSON, Passaic County, N. J .— Bond Sale.— An Issue o f $200,000
4 \i% 30-yr. sch. bonds was disposed of on June 22 to N. W . Halsey & Co.
of New York City at 107.155— a basis of about 4 .0 8 5 % .
PAW NEE SCHOOL DISTRICT <P. O. Pawnee). Pawnee C ounty, Okla.—
Purchaser of Bonds.— The purchaser of the $35,000 5% 25-yr. bldg, bonds
May92’
& n *llie ° f Pawnec’ at par- Denom . $1,000. Date
PEABODY, Essex County, M ass.— Temporary Loan.— A loan of $60,000
dae“i , 1911 *la,s b,cen negotiated with Bond & Goodwin of Boston
at 3.29% discount. It Is stated.
P E E K S K ILL. W estchester County, N. Y .— Bond Election.— The ques­
tion o f Issuing $95,000 water bonds will be voted upon at an election
on July 3.
PETTY INDEPENDENT SCHOOL DISTRICT (P . O. P etty). Lamar
County, T ex.— Description o f Bonds.— The $12,000 5% 10-40-yr. (opt.)
bldg, bonds (V . 92, p. 1331) are in the denom . o f $1,000 each and dated
May 15 1911. Interest annual.
Pa :— Loan Offering.— Proposals will be received
until 12 m. July 10 by J. L . Reyburn, Mayor, for the $9,750,000 4% cou p,
or reg. certificates (V. 92, p. 1657). The proceeds of the loan will be used
for the following purposes: For the erection of a convention hall, $1,500,­
000; for the paym ent o f mandamuses, $1,000,000; for acquiring property
along the Parkway and Improving same, $1,000,000; for Improvements to
the Delaware and Schuylkill R iver fronts, $600,000; for repaving streets
with railway tracks not now paved with Improved pavem ents.
$500,000; for repaving streets with w ood blocks, $300,000; for the com ple­
tion o f the high-pressure fire-main system in the mill district, $500,000;
for continuing the work of Improving League Island Park, $500,000; for
continuing the work of Improving the Boulevard from Second to Rhawn
S t., $500,000; for the construction of main sewers, $160,000; for the con ­
struction of branch sewers, $100,000; for the reconstruction o f Cohockslnk
sewer, $50,000; for the erection o f new bridges, $200,000; for grading streets.
$150,000; for surfacing and re-surfacing country roads, $100,000; for the
paym ent of damages for taking property for C obb’s Creek Park, $300,000;
for acquiring property and the erection and Improvement of buildings for
police and fire purposes, $300,000; for the purchase o f police and lire appan}tJjls.,a,1]d eQUlpmcnt, Including a new fire boat, $140,000; for the erection
or buildings for the care of feeble-minded persons, $250,000; for the erection
or buildings for the treatment of contagious diseases, $150,000; for the im ­
provement of South Broad St. Plaza, $150,000; for the erection of a Soldiers’
and Sailors’ Monument and the preparation of a history o f Philadelphians
engaged in war, $100,000; for the Improvement and equipment of children’s
playgrounds, $100,000; for replacing and reconstructing elevators In City
Hall, $100,000; for permanent Improvements In Falrmount Park, $400,000;
for permanent Improvements to Hunting Park, $50,000; for improvem ents
to Pcnnypack Creek Park, $50,000, and for opening streets under the Rich­
mond Branch of the Philadelphia & Reading R y .,between Richm ond S t.
and Kensington A ve., $500,000. The certificates will be Issued in denomi­
nations of $100 and its multiples, to suit purchaser. Int. J. & J. at the
ofn ce o f the fiscal agent of city. Loan Is free from all taxes. Due 30 yrs.
Bid must be on form furnished by the city. Cert, check or cert, o f deposit
for 5% of loan bid for, payable to the M ayor, required.
PITTSBU RGH . P a.— Bond Offering.— Proposals will be received until
3 p. m . July 12 by the Mayor and Comptroller for the $408,000, $351,000
and $306,000 4 14% cou p, or reg. bonds (V. 92, p. 1586) .to pay judgm ent
and claims. Denom. o f cou p, bonds $1,000 and $100, or registered bonds
In amounts desired b y purchaser. Date March 1 1911. Int. M. & S. at
the Treas. office. Due one-thirtieth of each Issue yrly. until March 1 1941.
Bonds are free from State tax. Cert, check on a nat. bank for 2% o f
bonds bid for, payable to the Treas., Is required. Bids must be made on
blank form s furnished b y the Comptroller. Official circular states that
the validity o f this issue will be passed on b y Hawkins, Delafield & L ong­
fellow o f New Y ork; also that there is no litigation or controversy pending
or threatened concerning the validity o f these bonds, the boundaries of the
m unicipality or the titles o f the officials to their respective offices. • • •
PLEASANT RIDGE SCHOOL DISTRICT NO. 52, Canyon County, Ida.
— Bond Offering.— Proposals will be received until 10 a. m. July 10 at the
office o f the County School Supt. (P . O. Caldwell) for $3,500 6% cou p. bldg,
and site-purchase bonds. Denom. $1,000 to $500, to suit purchaser. In t.
semi-annual at the Commercial Bank In Caldwell. Due 20 yrs., op t. after
10 yrs. W . L. Parsons Is Acting Chairman o f Board of Trustees.
PORTAGE, W ood County, Ohio.— Bond Offering.— Proposals will be re­
ceived until 12 m. July 15 by E. T . Frcym an, VII. Clerk, for $5,000 6%
Findlay Pike street-Imp’t bonds. Dcno>u. $500. Int. M. & S. Due $500
yrly. from Mch. 1 1912 to 1921 Incl. Bonds to be delivered and paid for
within 10 days from time of award. Cert, check for $100, payable to the
VII. Treas.. required. Purchaser to nav accrued Interest. Date of bds.
Juiy 15 1911. Int. at Munn Bk. In Portage.
f
PORT HURON. St. Clair County, Mich.— Bond Sale.— On June 22 the
$5,000 sewer, $5,000 road, $8,000 bldg., $2,000 bridge and $15,000 paving
10-yr. bonds (V\ 92, p. 902) were awarded to the First Nat. Exchange Bank
In Port Huron as 4 'As at 100.50— a basis of about 4 .3 1 3 % . A Joint bid
of 101.20 & Int. was received from E. H. Rollins & Sons o f Chicago and
II. VV. Noble & Co. of Detroit. Three dther bids were received.
PO R TLA N D , Ore.— Bond Sale.— On June 26 the $125,000 4 % 25-yr.
gold fire-boat bonds (V . 92, p. 1586) were bought by Morris Bros, o f Port­
land at 05.76— a basis o f about 4 . 2 7 % . ......................
PORTOLA SCHOOL DISTRICT. PI irm s C ounty. Cal.— Bond Election
Proposed.— This district is considering holding an election to vote on the
question of Issuing $4,000 building bonds, according to reports.
POTTAW ATOMIE COUNTY (P. O. T ecum seh', O kla.— Bond Sale.—
Papers state that an Issue o f $250,000 Little River Drainage bonds was dis­
posed o f on June 26 as follows: $50,000 to the Shawnee Nat. Bank o f
Shawnee and $200,000 to a Chicago firm.
OUEEN C IT Y , Schuyler County, M o.—Bond Offering.— Proposals will
be received until 8 p. m . July 3 by A . Rolston, City Clerk, for the $5,000
6%, cou p, clectrlo-llght bonds voted recently (V . 92. p. 1270). A uth. Sec.
9383, R e v. Stat. of 1909. Denom. to suit purchaser. Date July 1 1911.
Int. July at place designated b y purchaser. Due 20 yrs., op t. after 5 yrs.
N o deposit required. Present bonded debt, Incl. this Issue, $8,000. As­
sessed value for 1910, $180,000.
QUEENSBURY (Town) UNION FREE SCHOOL DISTRICT NO. 1
(P. O. Glens Falls), Warren County, N. V.— Bond Sale.— On June 26 the
$15,000 5% 14-yr. (aver.) bldg, bonds (V. 92, p. 1658) were awarded to
W . N. Coler & Co. o f New York at 103 and Int.— a basis of about 4 .7 1 % .
The bids follow:
W . N. Coler & C o., N . Y ____$15,4501Daniel F. Keefe, Glens Falls.$15,205
M. W . Green, R ochester____ 15,440 Isaac W . Sherrill. Poughk’sle 15,090
Adam s & C o., New Y o r k .. . 15.410IJohn J. H art, A lb a n y_______ 15,080
RANSOME SCHOOL DISTRICT, Stanislaus County. Cal — Bond Sale.—
On June 13 an Issue of $12,500 5% gold coup. bldg, bonds was awarded to
J. II Adam s & Co. of Los Angeles at 102.808. Denom. $500. Date .
June 13 1911. Int. June at the Co. Treas. office In Modesto. Due $500
In 1916 and $1,000 yrly. 1917 to 1928 incl.
• •
ROANE COUNTY (P .O . K ingston). Tenn.— Bond Offering.— Proposals
will be received until 12 m . July 3 b y D. II Evans, Clerk, for $45,000 cou p,
fund, bonds at not exceeding 5% Int. Denom. not to exceed $500. Date
A ug. 1 1911. Int. A ug. 1 at a bank In New York or Chicago, as’m ay be
agreed on. Due 20-yrs. Cert, check for 1% o f bonds bid for, payable to
F. E . E blcn. Trustee, required.
• • •
ROCHESTER, N. Y .— Note Offering.— Proposals will be received until
2 p. m. July 5 by Chas. F. Pond, City Comptroller, for $100,000 sewagedisposal, $160,000;iocal Imp’ t.and. $74,500.park notes. ■ Prln. and'Int-Lwlll

08

THE CHRONICLE

be payable within 8 m os. from July 7 1911 at Union Trust Co. In N. Y .
D cnom . of note-; and rate of Int. desired is to be designated by the bidder.
Note Sale.— On June 29 the $100,000 8 m onths’ refuse-disposal notes
(V . 92. p. 1717) were awarded to Geo. H . Burr & Co. of New Y ork at
3 .5 5 % Interest and $21 50 premium. Other bids follow:

[V O L . L X X X X I ) I

000 5% gold cou p, refund, tax-free bonds (V. 92, p. 1588). Denom.
$1,000. Date "d a y of Issue.”
Int. J. & J. at place designated by pur­
chaser. Due 20 yrs., op t. after 1 yr. Cert, check for 5% of bid, payable
to the Treas., required. Present bond, debt $24,500. No floating debt.
Assess, val. for 1910 $638,915.
T n tPTP<it
T > rp m
SYRACUSE, N. \ .— Bond Sale.— On June 27 the $190,000 4 'A% 1-10-yr.
B ond & G oodw in, New Y o r k ....... ............................................. 3.75%
$2150
Alliance Bank, R ochester_________________________________3.75%
1500 (ser.) reg.-Imp. bds. (V. 92, p. 1717) were awarded to Chisholm & Chap­
man of New York at 101.9567— a basis of about 4 .1 0 % , and the $15,000
_____
Bank for Savings, New Y o r k ..................................................3 .8 7 5 %
Goldman, Sachs & C o., New Y ork _________________ ______3 .95%
1500 4 'A% 1-5-yr. (ser.) reg. sidewalk bds. (V . 92, p. 1717) were awarded to
C. H . W hite & C o., New Y o r k ._____ _____________________ 4 %
500 W atson & Pressprich of New York at 101.23— a basis of about 4 .0 6 1% .
The bids follow:
$190,000
$15,000
Bid & A cer. Bid & Acer.
ROGERS COUNTY SCHOOL DISTRICT NO. 2 (I>. O. Chelsea), O k l a . Bond Sale.— On Apr. 28 the $15,000 6% bldg. & site bonds were awarded to
Interest
Interest.
Speer & Dow of Port Smith. Dcnom . $500. Date May 13 1911. Int. Chisholm & Chapman, New Y o r k ______________ $193,717 73
$15,127 50
J. & J. Due $1,000 yearly, 1913 to 1915, ’ 17 to ’ 19, '21 to ’23, ’25 to '27
W atson & Pressprich, New Y o r k ______ __________ 192,337 00
15,184 50
and ’2 ) to ’31.
15,156 23
Parkinson & Burr, New Y o rk ____________________ 193,479 53
193,46800
15,131 00
ROSEBUD COUNTY SCHOOL DISTRICT NO. 22 (P . O. B ascom ), /Mont. Kissell, Kinnlcutt & C o., New Y o r k ....... ..............
W hite, Weld & C o., New Y o rk ___________________ 193,363 00
15,079 50
— Bond Offerimj.— Proposals will be received until 2 p. m . to-day (July 1)
_________
b y W . G. Fredickson, for $2,700 6% cou p. bldg, bonds. Dcnom . $500, A . B. Leach & C o., New Y o rk __________________ 193,230 00
193,212 0015,13800
except one bond of $700. Date June i 1911. Int. J. & D. at the Co. Treas. Curtis & Sanger, B oston ________________
R . M. Grant & C o., New Y o rk ___________________ 193,138 80
15,097 80
office in Forsyth. Due 20 yrs.; opt after 10 yrs. A deposit In cash or cert,
15,081 45
check for $50, payable to the School B d ., required. No previous bond Issues. Blodget & Co., B oston___________________________ 193,104 60
& Kahler, New Y o rk __________________ 193,059 00
15,131 55
ST. M ATTHEW S. Calhoun C ounty, So. Car .— Bond Sale.-—On June 21 O ’Connor
Forbes & C o., New Y o r k ________________ 192,967 80
15,107 85
the $20,000 0% 20-10-yr. (opt.) cou p. bldg, bonds (V . 92, p. 1587) were Harris,
_______________________
192,869
00
15,136
50
Kountze
Bros.,
New
Y
o
rk
purchased by R . M. Marshal & Bros, o f Charleston at 102.125 & Int. A
Rhoades & C o., New Y o r k ______________________ 192,719 47
-------------number of other bids were received.
T . J. Bolger & C o., Chicago____________________ 191,919 00
15,011 00
ST. PAUL, M INN.— Certificate Sale.— This city on June 15 Issued W . N. Coler & C o., New Y o r k ___________________ 191,729 00
15,076 50
$1,995,000 4% 1-year certificates in anticipation o f taxes.
Int. J. & D. 15. E . II. Rollins & Sons, Boston,M ass.(for $205,000)
101.42
SALEM, Essex C ounty, M ass.— Temporary Loan.— A loan of $100,000
TACOMA SCHOOL DISTRICT NO. 10, Pierce County, W a s h — Bonds
due Feb. 15 1912 was negotiated on June 29 with Blake Bros. & Co. of Awarded in P art.— On June 17 $290,000 of the $690,000 school-site and
Boston at 3.69% discount.
bldg, bonds (V. 92, p. 1518) were awarded to the State of Washington as
SALMON C ITY, Lemhi C ounty, Idaho.— Price Paid fo r Bonds.— James 4>;)s 1-20-yr. (opt.) bonds at par. Three additional bids were received
N. Wright & Co. of Denver paid par and attorneys’ fees of $250 for the for the bonds. W e are advised that the remaining $400,000 will be ottered
$50,000 6% cou p, bonds awarded them on May 19. Date May 11 1911. later.
Int. M. & N. Due $5,000 July 1 1916 and $3,000 yrly. on July 1 from 1917
TA M A Q U A, Schuylkill C ounty, Pa.— Bonds Voted.— The question of
to 1931 incl., subject to call, how ever, after 10 yrs. The bonds were issued Issuing $12,500 4 % % 10-30-yr. (opt.) refund, and sewerage bonds carried
for the following purposes: $30,000 to purchase the water works, $15,000
by a vote of 236 to 143 at an election held June 20. W e arc advised that
for extensions and Improvements and $5,000 for a city hall.
these bonds will be ottered for sale in July.
SAN DU SKY COUNTY (P. O. F rem ont). Ohio.— Bond Sale.— On June 23
THREE RIVE R S, St. Joseph C ounty, M ich.— Bond Offering.— Proposals
the following 4 H % road bonds, aggregating $102,300, were awarded, It Is will be received until 12 m. July 18 by S. (). Black, City Clerk, for $40,000
stated, to Stacy & Braun of Toledo for $103,002, making the price 100.680. 4 H % coup. Emery water-power bonds. Denom. $500. Date Aug. 1 1911.
$13,000 McCreery R oad No. 5 bds. Denom. $500. Due $2,500 A pr. 1 Int. A ug. I at the Treas. office. Due $2,000 yrly. A ug. 1 1921 to 1932 Incl.
and $1,000 O ct. 1 1912, $1,500 A pr. 1 and $1,000 Oct. 1 1913 and
$3,000 A ug. 1 1933, $4,000 A ug. 1 1934, 1935 & 1936 and $1,000 Aug. 1 1937.
1914, $1,500 A pr. 1 and O ct. 1 1915 and $1,500 Apr. 1 1916.
TIM M ONSVILLE, Florence C ounty, So. Car.— Bond Sale.— The Fidelity
18,600 Morris R oad No. 9 bds. Denom . $500 & $600. Due $3,500
& Security Co. has been awarded the $30,000 water & $5,000 drainage 5%
Apr. 1 and $2,000 O ct. 1 1912, $2,000 A pr. 1 and $1,500 O ct. 1 20-10-yr. (opt.) bonds (V . 91, p. 1345). Denom. $500. Date Sept. 25 1910.
1913 and 1911, $2,000 A pr. 1 and O ct. 1 1915 and $2,100 A p r.l ’ 16.
IT U SV IL L E , Brevard C ounty, Fla.— Bids liejected.— All bids received
28,800 Fuller R oad No. 10 bds. D cnom . $500 & $300. Due $5,500 onTJune
24 for the $20,000 5% 30-yr. gold cou p, water bonds (V . 92, p.
A pr. 1 and $2,500 O ct. 1 1912, $3,000 Apr. 1 and O ct. 1 1913,
$3,000 A pr. 1 and $2,500 O ct. 1 1914, $3,000 A pr. 1 and O ct. 1 1915 1658) were rejected.
TRENTON, N. J .— Bonds N ot Sold.— No bids were received on June 26
and $3,300 A pr. 1 1916.
9,400 Ilessick R oad N o. 11 bds. Denom . $500. Due $1,500 A pr. 1 and for the $63,200 10-yr. str. and $45,000 30-yr. park 4% reg. or coup, bonds.
(V . 92, p. 1659.)
$1,000 O ct. 1 1912, $1,000 each six months from A pr. 1 1913 to
Oct. 1 1915, $500 A pr. 1 1916 and $400 A pr. 1 1916.
TRENTON, Gibson County, T cn n.— Bonds Defeated.— An election held
17,500 Shetenhelm R oad N o. 12 bds. Dcnom. $500. Due $3,500 A pr. 1 June 24 resulted In the defeat of a proposition to Issue $17,500 clcctrlc-llght
and $1,500 O ct. 1 1912, $2,000 A pr. 1 and $1,500 O ct. 1 1913,
bonds. Vote was 94 " fo r ” to 101 "ag a in st.”
1914 and 1915 and $2,000 A pr. 1 1916.
U H RICH SVILLE, Tuscaraw as County, Ohio.— Bond Sale.— On June 23
15,000 Chamblln R oad bds. Denom. $500. Due $3,000 A pr. 1 and the $8,000 5% 25-yr. refund, bonds (V. 92, p. 1588) were awarded to W ell,
$1,500 O ct. 1 1912 and $1,500 each six months from A pr. 1 1913
R oth & Co. o f Cincinnati at 110.20 & Int.— a basis of about 4 .3 2 9% . The
to A pr. 1 1916 incl.
bids follow:
A utli. Sec. 2294, Gen. Code. Date A pr. 1 1911. Int. A . & O. at Treas. W ell, Roth & C o., C in cinnati.$ 8 ,8 1 6 1New First Nat. Blc., Columbus.$8,328
office.
H ayden, Miller & C o ., C leve. 8,530|U nlon Bank, Uhrichsvlllc____8,000
SCHENECTADY COUNTY (P. O. Schenectady), N. Y .— Bond Sale.— On
URBANA, Champaign
C ounty, Ohio.— Bond Sale.— On June 23 th
June 28 the $100,000 4 5-$% 26 2-3-yr. (av.) cou p, (with privilege of regis­ $115,000 4 }4% 15 2-5.yr. (av.) coup ret— bds. (V. 92, p. 1588) were
tration) court-house and Jail bonds (V. 92, p. 1717) were awarded to Morris awarded to Well, Roth & Co. a Cincinnati for $119,926 (104.283) & int.—
Bros, of New York at 107.348 and Int. Other bids follow:
a 1.10% basis. Other bids follow:
Estabrook & C o., N. Y _____ 107.201 Rhoades & C o.. N. Y ______ 106.3413
Seasongood & Mayer, C ln .\ $119,l 17 |H ayden, Miller & Co., Cleve.$117,730
W . C. Langley & C o., N. Y . .107.179 N. W . Halsey & C o., N. Y . 106.195
Otis & Hough, C levelan d ./
| New First Nat. B k., C o l.. 116,265
E. II. Rollins & Sons, B o s . . . 107.176 A . B. Leach & C o., N. Y . . .106.173
UTICA, N. Y .— Certificate Sale.— Bond &. Goodwin o f New Y ork were
R . L. Day & C o., N. Y _____ 107.17
Security Trust C o., R o c h
106.01
awarded at 100.011 for 3M s on June 27 $100,000 certlllcates of Indebtedness
Adam s & C o., N. Y _________106.72
Ferris & W hite, N. Y ----------105.929
due Sept. 15 1911, it Is reported.
Harris, Forbes & C o., N. Y . .106.691 W . N. Color & C o.. N. Y . . . 104.80
R . M. Grant & C o., N. Y ____106.668
VALE SCHOOL DISTRICT (P . O. Vale), Malheur County. Ore.— B Ion
SCRANTON, Lackawanna C ounty, Pa.— N o Action Yet Taken.— No Sale. -The $25,000 school-bldg, bonds voted in May (V. 92, p. 1455) have
been awarded, it Is stated, to Jas. N. W right & Co. of Denver at 102.52.
action has yet been taken looking towards the Issuance of the $200,000
WAKE-MAN TOW N SH IP (P . O. W akcm an), Huron County. Ohio.—
sewer bonds. V . 92, p. 1393.
Bonds Proposed.—-An ordinance Is pending In the Council providing for Bond Offering.— Proposals will be received until 12 m . July 15 by W . G.
Ferver, T w p. Clerk., for $8,700 4 % cou p, highway lrnpt. bonds. A utli.
the Issuance o f $210,000 funding bonds:
SENECA FA LLS. Seneca C ounty. N. Y .— Bonds Voted.— The election See. 3,295 and 3,939 to 3,954 Incl. Gen. Code. Denom. $200, $250,
held June 27 resulted in a vote of 402 to 99 in favor of a proposition to issue $400 and $500. Int. J. & J ., at T w p. Treas. office. Due $250 yrly. July 1
1912 to 1919 incl., 2 bonds of $250 each and one bond of $500 July 1 1920,
the $81,000 15-yr. (av.) strcet-lm p't bonds at not exceeding 5% int. (V . 92,
2 bonds of $500 each July 1 1921, one bond of $200 and 2 bonds of $400 each
p. 1658). Denom. $1,000. Date of ottering not yet determ ined.
July 1 1922; 2 bonds of $500 each July 1 1923, 2 bonds of $200 eacli and
SH AK OPEE, Scott C ounty. Minn.— Bond Offering.— Proposals will be 2 bonds of $400 each July 1 1924 and 2 bonds of $250 each and 2 bonds of
received until 8 p. m. July 11 for the $10,000 4>$% water-works bonds $500 eacli July 1 1925. Unconditional cert, check on a bank other than the
voted on April 4 (V. 92, p. 1059): Denom: $1,000 or $500. Int. scml-ann. one making the bid for 5% of bid required. Purch. to pay accrued int.
Due in 20 years: Certified check for 10% required. Bonded debt $16,000.
W A L L A W A L L A COUNTY SCHOOL DISTRICT NO. 19. W ash— Bond
Floating debt $6,410 18.
Offering Rescinded.— The ottering of $5,500 bonds, which was to have taken
SHELTON SCHOOL DISTRICT (P. O. Shelton). Buffalo County, Neb —
place June 14, was canceled, owing to a defect In the proceedings of the
Bond Sale.— W e arc advised that an issue of $30,000 bonds have been sold. board.
SHERIDAN SCHOOL DISTRICT (P. 0 . Sheridan). Grant County, A rk­
W A R SA W HIGH SCHOOL AND GRADED SCHOOL. DISTR ICT (P . O.
— Bonds Authorized.— 'T his district has authorized the Issuance of $12,000 W arsaw ), Dauphin County, No. Car .— Bond Offering.— Proposals will be
6 % coup. bldg, bonds. Denom. $250, $500 & $1,000. Date about O et. 1 received until 1 p. m . July 15 by the Board of Trustees, 11. L . Stevens,
1911. Int. semi-annual atSherldan. Due 20 yrs.; opt after 5 yrs. Cert, check Chairman, for $10,000 6%, school bonds. Denom. $1,000. Date July 1
for $500, payable to the Sec’y . Bd. of E d ., required. No debt at present.
1911. Int. J. & J. Due $1,000 yrly. for ten yrs., beginning Jan. 1 1916,
Assessed val. $200,000. E st. v a l. $600,000. We are advised that these or the whole Issue to be due In 1926. Cert, check for 5% of bonds bid for
bonds will be ottered for sale soon.
Is required.
•
SHERMAN. Grayson C ounty, T ex.— Bond Offering.— Proposals will be
W A R S A W TOW N SH IP (P . O. W arsaw ), Duplin County. No. Caro.—
received until 8 p. m. July to by B. C. Kreager, City S cc’y ., for the following Bond Offering.— Proposals will be received until 11 a. ni. July 21 by J. E.
bonds voted on March 10 (V . 92, p. 1658).
Johnson, Sec., for $20,000 5% road bonds. Denom. $1,000. Date
$20,000 water-works-system bonds.
July 1 1911. Int. J. & J. Due July 1 19 12. Cert, check for 5% of
5.000 5% street-im provem ent bonds. Interest semi-annual.
amount bid for required.
7.000 5% school-building and improvement bonds. Interest semi-annual.
W ATERLOO, Douglas C ounty, Neb.— Bonds Defeated.— The question of
Denomination $500. Date July 1 1911. Interest payable at the Nat.
Issuing
water bonds failed to carry at an election held June 20.
Park Bank In N. Y . City. Maturity one bond of each Issue yrlv. Cert, check
W ATERLOO TOW N SH IP SCHOOL D ISTRICT, Athens C ounty, Ohio.—
for $1,000 is required. Official circular states that there is no litigation to
Bond
Offering.—
Proposals will be received until 1 p. m. July 12 by T . J.
attect this Issue and that the city has never defaulted on its prln. or int.
SHREVEPORT, Caddo Parish, La.— Bonds Proposed.— In addition to the Burt, Clerk Bd. of E d., for $1,000 6% bonds. Autli. Sec. 7,629, R ev. Stat.
Dcnom
.
$250.
Int.
scm l-ann. Due $250 each six months from March 1
$100,000 falr-ground-Im pt.-bonds to be voted on July 18 (V. 92, p. 1587),
1913 to Sept. 1 1914 Incl. Cert, check for $200 required.
this city Is discussing the Issuance of $350,000 electric-light, $700,000 water­
W A Y N E , W ayne C ounty. N e b — Bond Offering.— Proposals will be
works, $25,000 reform atory, $25,000 jail, $25,000 llre-station and $25,000
received any time by F. L . Hughes, City Clerk, for $10,000 5% coup, refund,
grade-crossing abolishing bonds. It Is stated.
SMITH’ S FE RR Y, Beaver County, Pa.— Bonds Proposed.— A ccording to water bonds. D enom . $2,000. Date April 1 1911. Int. April at the Ne­
braska flscal agency In New Y ork . Due April 1 1931, op t. after 5 yrs. Bonds
reports the Borough Council proposes to issue $3,000 water bonds.
are exem pt from taxation.
No deposit required No debt at present.
SMYTH COUNTY (P. O. Marion), V a.— N o Action Yet Taken.— W e Assessed val. for 1910 $360,000.
have been advised by the County Clerk that no action will be taken looking
W AYNESBORO SCHOOL DISTRICT (P . O. W aynesboro), Franklin
towards the Issuance of the $100,000 6% road bonds (V . 92, p. 1332)
County, Pa.— Bonds Not Sold.— The $60,000 4% 15-30-yr. (opt.) tax-free
until Sept.
bldg, bonds ottered on June 26 (V . 92, p. 1589) were not sold on that day.
SOMERSET. Somerset County. Pa.— Bond Offering.— Proposals will be
WEBB CITY SCHOOL DISTRICT (P. O. W ebb C ity), Jasper C ounty.'
received until 12 m. July 6 by C. I. Shaver, Sec’ y, for $15,000 4 y .% coup,
M o.— Bond Offering.— Proposals will be received until 8 p. m. July 7 by
water bonds. Denom. $500. Date July 1 1911. Int. J. & J. at the Boro.
J. T . Aldridge, Sec’y . Bd. o f Education, for $20,000 4% hlgli-sch. bonds'
Treas. office. Cert, check for S I,000, payable to "B o r o , of Som erset,”
A uthority vote of 466 to 198 at election held June 20 1911. Int. J. & J.
required.
Date July 15 1911. Due 20 yrs.; o p t. 5 years. Deposits of $200 required.
SPOKANE, W ash.— Bond Election.— A n election will be held July 18 to
W ELLS SCHOOL DISTRICT (P. O. W ells), Elko County, N c v — Bond
vote on the question of Issuing bonds aggregating $750,000, It Is stated.
Bonds Proposed.— An Issue of $50,000 M onroe St. bonds Is also being Sale.— On June 21 $15,000 6% gold coup, bonds were awarded to the
Henderson Banking Co. In Elko at 101.34. Dcnom . $500. Int. J. & J.
considered, according to reports.
at the County Treas. office. Due $1,000 yearly beginning Dec. 31 1912.
SPRIN G FIE LD , Clark County, Ohio.— Bond Sale.— On June 27 the
Bonds are tax-exem pt In Nevada. No other debt. Assess, val. 1909,
$59,000 5% 1-10-yr. (ser.) coup. West Main S t. Imp. assess, bonds (V . 92,
$080,000.
p. 1658) were awarded. It Is stated, to W ell, R oth & Co. o f Cincinnati for
WESTCHESTER COUNTY (P . O W hite Plains). N. Y .— Bond Offering.—
$61,165, making the price 103.669, a basis of about 4 .2 4 6 % .
Proposals will be received until 2 p. m. July 11 by G. T . Burling, Co. Treas.,
SPRIN GFIELD TOW NSHIP SCHOOL DISTRIC T. O h io — Bond Sale.—
for
$20,000 4>$% reg. bridge bonds. Denom. $1,000. Int. J. & D. at
A n issue of $2,500 5% 5-9-yr. (ser.) sch. bonds was disposed o f on June 1 to
office. Due $10,000 June 1 1921 and 1922. Bonds to be delivered
Thom as Hale of East Akron at 104.40— a basis of about 4 .2 6 7 % . D enom . Treas.
and paid for July 18 1911. Cert, check on a State or national bank or
$500. Date June 1 1911. Int. J. & D.
trust com pany for 5% of bonds bid tor required. Bonds will be certllled
SUMTER COUNTY (P. O. Sumter), So. Caro.— Bond Election.— A propo-' as to genuineness by the U. S. Mortgage & Trust Co. of N. Y . City. • •
sltion to Issue $150,000 road-Impt. bds. will be subm itted to a vote, It Is
W ESTFIELD, Hampden County, M ass.— Bond Sale.— On June 28
stated, on Aug. 1.
$85,000 4 % highway bonds were awarded to Hayden, Stone & C o., of
SUNNYSIDE, Yakima County, W ash.— Bond Offering.— Proposals will Boston at 101.62 and Int.— a basis of about 3 .6 2 4 % . • Following bids were
be received until 8 p. m . July 3 by L. W . Bates. Town Clerk, for the $29,- received:
.............................................................................................................




Ju ly

1 1911

THE CHRONICLE

W m . C. Simons
1Boston 101.43 Kuhn, FIslicr & CO., B o s to n .101.13
Estabrook & C o., B oston___101.09
Lee, Hlgginson & Co.j
G. A . Fcrnald & C o., B o s to n .101.04
Curtis & Sanger, B oston____101.43
Adam s & C o., B oston______ 101.33
N .W . Harris & Co., Inc., Bost.101.034
Blake Bros. & Co., B o s to n .-101.19 Blodget & C o., B oston______ 100.936
Perry, Coffin & Burr, B oston.101.142 Merrill, Oldham & Co., B o st. 100.64
Denom. $1,000 & $500. Date O ct. 1 1910. In t. A . & O. Due $8,500
yearly on O ct. 1 1911 to 1920 Inclusive.
W EST LAFAYETTE. Coshocton C ounty, Ohio.— Bond Offerino.— Pro­
posals will be received until 12 m. July 5 b y E . L. Thom pson, Vil. Clerk,
for $20,000 4 M % gold cou p, storm-water-sewer tax-free bonds. Denom.
$500. Date June 1 1911. Int. M. & S. at the W est Lafayette Bank Co.
Due $1,000 each six mos. Mch. 1 1912 to Sept. 1921 incl. Bonds to be
delivered and paid for within 10 days from time of award. Cert, check for
10% of bonds bid for, payable to the VII. Treas., required. No debt at
present. Assess, val. for 1910, $415,420. These bonds were previously
olTered on .May 1, but the bids received were rejected.
WEST AIINNEAPOLIS (P. O. H opkins), Minn.— Bond Offering.— Pro­
posals will be received until 12 m. July 18 b y j . D. Swanson, Vil. Clk., or the
R ecorder, for $17,000 5% cou p, municipal bldg, bonds. Denom. $1,000.
Date N ov. 15 1911. Int. M. & N. Due $1,000 yrly. N ov. 15 1913 to 1929
Incl. Cert, check or certificate of deposit on a national or State bank, for 1%
of bonds bid for, payable to the Clerk or the R ecorder, required.
W EST ST. PA U L. Minn.— Bond Sale.— On June 21 the $7,000 5% 10-yr.
Impt. bonds (V. 92, p. 1660) were awarded to the Security Trust Co. of
S t. Paul for $7,076 (101.085)— a basis of about 4 .8 6 2 % . No other bids
were received.
W ETH ERSFIELD (P. O. W A R S A W ). W yom ing C ounty, N. Y .— Bond
Offerino.— Proposals will be received until 1 p. m . July 6 b y Leslie HitchIngs, Town Supervisor, care of E. T . M ontgomery, County Treasurer, It Is
stated, for $1,800 4 l
A% highway bonds. Denom. $600. Date July 1
1911. Int. J. & J. Due $600 on Feb. 1 in each of the years 1912, 1913 &
1914. Cert, check for 10% of bid required. No debt at present.
•
W HITESBORO, Oneida C ounty, N. Y — Bond Sale.— On June 27 the
tw o Issues of registered bonds (V . 92, p. 1718) were awarded as follows:
• $7,500 00 5-19- yr. (scr.) paving bonds to Isaac W . Sherrill, Poughkeepsie,
at 100.20 for 4 Ms— a basis of about 4 .4 7 9% .
1,939 05 1-5-yr. (ser.) road bonds to F. S. DeLong, Utica, at par for 4 Ms.
W ILTO N VILLE SCHOOL DISTRICT, Bell C ounty, T ex.— Ronds Voted.
— On June 16 this district favorably voted . It Is stated, to Issue $2,000
bldg, bonds.
W OBU RN , Middlesex C ounty, Mass.— Temporary Loan.— The loan of
$40,000 due Dec. 1 1911 (V . 92, p. 1718) was negotiated on June 27 with
Lorlng, Tolm an & Tupper of Boston at 3.45% discount.
WOONSOCKET, R . I.— Bond Sale.— On June 29 the $250,000 4% and
$250,000 4 M % 30-yr. coup. fund, bonds (V . 92, p. 1718) were awarded to
N . W . Harris & Co. and Merrill, Oldham & Co. of Boston at their join t bid
o f 101.079. Blodget & Co. of Boston bid 100.579.
W R IO H T COUNTY (P. O. Buffalo), Minn.— Bond Offerino.— Proposals
will be received until 1 p. m . July 10 by this cou nty for $7,500 6% coup.
Jud Ditch No. 3 bonds. A uth. Sec. 7 Chap. 469, Laws of 1909. Denom.
$750. Date July 1 1911. Int. July 1 at the Treas. office. Due $750 yrly.
July 1 1912 to 1921 incl.
W YAN DOTTE COUNTY (P. O. Upper Sandusky), O h io — Bond Offerino.
— Proposals will be received until 12 in. July 17 by P. Frank Jr., Auditor,
for $26,000 5% road-im pt. bonds. D enom . $5,200. Date June 1 1911. Int.

69

J. & D . at the Treas. office. Due $5,200 yearly on Dec. 1 from 1912 to 1916
Inclusive. Cert, check (or cash) for $500, payable to the Treas., Is required.
W YOM ING COUNTY (P . O. W arsaw ). N. Y .— Bond Offerino.— Papers
state that proposals will be received until 1 p. m . July 6 by E . T . Mont­
gom ery, County Treas., for $30,000 4 M % cou p, or reg. highway bonds.
Denom . $1,000. Date July 1 1911. Int. J. & J. Due $3,000 yrly. on
July 1 from 1912 to 1921, incl. Cert, check for 10% of bid required.
Present debt $22,000.
YA K IM A COUNTY SCHOOL DISTRICT NO. 10. W a s h — Bond. Sale.—
On June 24 the $5,000 cou p. bldg, bonds (V . 92, p. 1719) were sold to the
State o f W ashington at par & blanks for 5 M % 1-20-yr. (opt.) bonds. The
follow ing bids were received for 5-20-yr. (opt.) bonds:
W m . D. Perkins & C o., Seattle— par and blank bonds fo r 5M s.
Exchange National Bank, Spokane— $5,100 for 6s.
YA K IM A COUNTY SCHOOL DISTRICT NO. 28, W a s h — Bond Sale.—
The $8,000 cou p. bldg, bonds (V . 92, p. 1719) were sold on June 24 to the
State o f W ashington at par & blanks for 5% 1-20-yr (opt.) bonds. James
N . W right & Co. o f Denver bid for 10-20-yr. (opt.) bonds as follows:
$8,161 50 for 6s and par, less $149 50 for attorney’s fees for 5 Ms.
YELLOWSTONE & MUSSELSHELL COUNTIES JOINT SCHOOL
DISTRICT NO. 27 (P. O. Seventy-nine), M ont.— Bond Sale.— On May 20
the $2,000 6% lo-20 -y r. (opt.) cou p, bonds (V . 92, p. 1333) were awarded
to the State Land Board at par.
YOUNGWOOD, W estm oreland C ounty, Pa.— Bond Sale.— On June 6
$25,000 5% str.-im pt. bonds were awarded to J. S. & W . S. Kuhn, In c., o f
1 lttsburgh. D enom . $500. Date March 1 1911. Int. M. & S. Due serially
1912 to 1928.

C anada, its P r o v in c e s and M u n icip alities.
ANTELOUPE BUTTE SCHOOL DISTRICT NO. 2679 (P . O. Longw orth), Sask.— Debenture Sale.— On May 2 1911 $1,200 6 % bldg, deben­
tures were sold to II. O ’ Hara & Co. of W innipeg for $1,210 75— making the
price 100.895. D enom . $120. In t. May 1. Due part yrly. May 20
1912 to 1921 incl.
ARCOLA SCHOOL DISTRICT (P . O. A reola), Sask.— Debenture Offering.
— Proposals will be received until 12 m. July 10 for $16,000 bldg, debentures
due In 30-installments. Bidders are requested to subm it oilers at 5% and
5 M % int. Present debt, including this issue, $24,400. Assessment
$1,103,268. J . R . Donaldson Is Secretary-Treasurer.
BATHURST SCHOOL DISTRICT NO. 2 (P . O. B athurst), N, B.— Bids
Rejected.— AH bids received on June 9 for the $5,500 5% 40-yr. debentures
(V. 92, p. 1519) were rejected.
B LYTH , Ont.— Debentures Voted.— The election held June 27 resulted in
favor of the proposition to issue the $5,000 5% light and fire-protection de­
bentures ( V . 92, p. 1661). Due July 15 1936. W e are advised that these
securities will be offered for sale soon.
BRANDON, Man.— B ids.— Reports state that the follow ing bids were
also received on June 2 for the six issues o f 5% debentures, aggregating
$119,422 80, awarded on that day to the Dom inion Securities C orp., L td .,
of T oron to, at 106.53 (V . 92, p. 1661):
Imperial B a n k ................ $126,432 92 Brent, N oxon & C o., T o r.$124,330 24
W ood , Gundy & C o..T or. 126,005 00 N at.Finance C o.,T oron to 124,163 05
G. A . Stim son & C o.,T or. 125,701 00 Ontario Secur. C o., T o r . 123,607 00
W .A .M ackcnzle& C o.,Tor. 125,045 00 Aemlllus Jarvis& C o.,T or, 121,846 26
N ay & James, R egina___ 124,987 06 Brouse, Mitchell & C o.,
Bank of M ontreal............ 124,900 50
T o ro n to ........................... 120,616 00

NEW LOANS

NEW LOANS.

$1,500,000

Village of East Aurora, New York

TERRITORY OF HAWAII,

Sewerage Bonds, Series No. 1,

$111,375

4% Public Improvement Bonds

Sewerage Bonds, Series No. 2,

Scaled proposals will be received by the undersigned for the purchase of all or any part of an Issue
o f $1,500,000 4 per cent Public Im provem ent Coupon Bonds of the Territory of Hawaii. The bonds
will be of the denomination of $1,000 each, will be dated August 1, 1911, will mature August 1, 1941,
and reserve an option of redem ption on and after August 1, 1931. Interest will be payable semi­
annually. Principal and Interest arc payable at the office of the Treasurer of the Territory in H ono­
lulu, Hawaii, or, at the option of the holder, at the office of the United States Mortgage & Trust
Company In New York City.
The bonds are Issued under the authority of an A ct of Congress of the United States, entitled
“ An A ct to Provide a Government for the Territory of H awaii,” approved April 30, 1900 (31 Sts. 141),
as amended by an A ct of the Congress approved May 27, 1910 (36 Sts., 443); and pursuant to an A ct
o f the Legislature of Hawaii, entitled "A n A ct to Provide for Public Loans,” approved April 25, 1903,
as amended, and pursuant to an A ct of said Legislature, entitled “ An A ct to Provide for Public Im ­
provem ents,” approved April 26, 1911. Under these statutes these bonds arc the absolute and un­
conditional obligations of the Territory and a direct charge upon Its consolidated revenues.
Under the Acts of Congress, the approval of the President of the United States is required, and
this approval has been obtained and Is on file In the office of the Secretary of the Interior.
The United States Treasury Department authorizes the statement that they will be accepted as
security for public deposits on the basis of 90 per cent of their par value when further deposits are made.
The bonds will be lithographed under the supervision o f, and certified as to their genuineness
b y, the United States Mortgage & Trust Company of New York City. The successful bidders will be
furnished with the opinion of Messrs. Dillon, Thom son & Clay of New York City that the bonds are
the legal and valid obligations of the Territory, and that. In their opinion, said bonds will beexem pt
from taxation b y any State In the United States or any m unicipality or political subdivision of any
such State, the same as bonds or other obligations or securities of the United States.
Bonds of the Territory arc exem pt by law from taxation In the Territory.
Each bid should set out clearly tile total par value of the bonds desired, and the amount which,
together with accrued Interest to date of delivery, the bidder offers to pay therefor. Each bid must
be accom panied by a duly certified cheek upon a bank or trust com pany to the order of the Treasurer
o f the Territory of Hawaii In the amount of 2 per cent of the par value of the bonds for which applica­
tion Is made. Checks of unsuccessful bidders will be returned by mall after the opening of the bids.
Checks of successful bidders will be retained until delivery of the bonds awarded and payment therefor
is made. The failure to make such payment will forfeit .all right to the bonds and the check accom ­
panying the bid will be collected and the proceeds retained as liquidated damages.
Unless otherwise stated in the bid, each bid will be understood as an offer for all or any part of
the total amount of bonds for which application Is m ade.
Delivery of the bonds will be made on September 28, 1911, at 11 o ’clock A . M ., at the office of
the United States Mortgage & Trust Company, 55 Cedar Street, New York City, unless another date
is m utually agreed upon.
Bids will be received at the office of the United States Mortgage & Trust Company In New Y’ ork
City, and at the office of the Treasurer of the Territory In Honolulu, Hawaii, until 2 o ’clock P. M.,
July 27, 1911. No bid received after that time will be considered. Each bid should be Inclosed In an
envelope marked “ Proposal for 4 per cent Public Im provem ent Bonds of the Territory of H aw aii,”
and the envelope so marked Inclosed In a second envelope addressed to the Treasurer of the Territory
of Hawaii.
• • The right is reserved to reject any and all bids.
• Dated June 30, 1911.

T M STEPHENS & CO

D. L. C O N K L IN ,
Treasurer, Territory of Hawaii.

Bank and Trust Company Stock*
N EW Y O R K AND BROOKLYN
BOUOHT AND SOLD

BANKERS

2 W A L L STREET, N E W Y O R K ,

C L I N T O N

G I L B E R T

a W A L L ST.. N EW YO RK .

INVESTMENT BONDS




Charles M. Smith & Co.

MUNICIPAL BONDS
latest investment
A X X h tfl
known. Yielding from
/O tU O

Interest allowed on accounts t f
Individuals and Corporations

$ 7 ,0 0 0
Sealed proposals will be received b y D. N.
R U M SE Y , Clerk of the said Village, at his office
In the said Village of East Aurora, New York,
until the 18th day of July, 1911, at eight o ’clock
in the afternoon, for the purchase of Sewerage
bonds, Series No. 1. of the said Village to the
amount of $111,375, bearing date the first day of
July, 1911, 81 of said bonds being of the denomi­
nation of $1,000 each, 27 of said bonds being of
the denomination of $500 each and 27 of said
bonds being of the denom ination of S625 each,
said bonds to mature in equal annual installments
of $4,125 on the first day of July in each year
from 1914 to 1940: interest payable on the first
days of July and January in each year: and for
the purchase o f Sewerage Bonds, Series No. 2,
of the said Village to the amount of $7,000, bearing
date the first day of August, 1911, said Sewerage
Bonds, Series N o. 2, being of the denomination
of $500 each, and maturing In equal annual In­
stallments of $500 on the first day of August
In each year from 1916 to 1929; interest payable
on the first days of August and February in
each year.
Separate proposals will be received for each of
the above Series or for any part thereof, and the
bonds will be awarded to the bidder or bidders
who will take the same at not less than par and
accrued Interest to the date of delivery at the
lowest rate of Interest.
Bids must be accom panied by a certified check
for 2% of the amount of bonds bid for, as a guar
anty of good faith on the part of the bidder
Said check to be unconditional and to be made
payable to the order of Alfred Brotherhood,
President of the Village of East Aurora, and shall
be deemed forfeited upon failure of the bidder
to accept bonds within a reasonable time accord­
ing to the provisions of the bid. Checks will be
returned at once If bids are not accepted.
•The Board of Trustees reserves the right to
reject any and all bids.
The validity of the above bonds will be ap­
proved by Messrs. Dillon, Thom son & Clay, o f
New York City, whose favorable opinion will be
delivered to successful bidders.
Dated East Aurora, New York, June 27th, 1911.
B y Order of the Board of Trustees,
•
D. N . R U M SE Y ,
Village Clerk.

ULEN
BAN KERS

&

/O

Write for
Circular.

CO.
CHICAGO

CORPORATION AND
MUNICIPAL BONDS
FIRST N ATIO N AL B A N K B U IL D IN G
CHICAGO

70

THE CHRONICLE

BRID G E BU R G , Ont.— Loan Election.— A by-law will be subm itted to
the rate-payers on July 10 for approval providing lor a loan o f $8,000 fo r
sewer extensions.
C H IP P E W A , Ont.— Debentures Voted.— The question o f issuing S11.000
5 % 30-lnstallment school-bldg, debentures carried by a vote of 51 to 38
at an election held June 23.
COCHRANE. O nt.— Debenture Sale.— On May 18 $50,000 6% 20-Install­
ment water-works debentures were awarded to Brent, N oxon & Co. o f
T oron to. Date May 1 1011. Int. In Jan. each year.
DELORAINE SCHOOL DISTRICT NO. 490 (P. O. D eloraine). M an.—
Debenture Offering.— Proposals will be received until 0 p. m. July 15 b y
D . L . Livingstone, Sec’y.-Treas., for the S3,000 5% 20-yr. bldg, debentures.
(V . 92. p. 1334.)
DRESDEN. Ont.— Loan Voted.— A by-law providing for a loan of $16,­
000 for a water system has been approved b y the ratepayers.
EDMONTON, Alberta.— Debenture Sale.— The $1,730 100 4><j% cou pon
debentures offered on June 19 (V . 92, p. 1061) were purchased by the
Montreal Securities Corporation, L td ., of Montreal, at 99.83. Date July 1
1911. Int. J . & J. Due In 8, 10, 20 and 40 years.
Loan Defeated.— A by-law has been defeated providing for the expenditure
of $100,000, It Is stated.
EDMONTON SCHOOL DISTRICT NO. 7. (P. O. E dm onton), A lta.—
Debenture Sale.— On June 21 the $175,000 4J^% cou p, school debentures
were awarded, It is reported, to the Imperial Bank o f Canada in T oronto.
Due part yearly for 40 years.
H A L IF A X , N. S.— Debenture Sale.— An Issue of $64,600 4 H % school
debentures was recently awarded, It Is stated, to the R oyal Securities Co.
o f Toronto at 98.06.
M ID L A N D , Ont.— Debenture Sale.— The Dom inion Securities Corpora­
tion, L td ., o f T oronto was recently awarded an Issue of $20,000 5% 20
and 30-year light and sewer debentures.
M U N ICIPA LITY OF KELLROSS, Sask.— Debenture Sale.— Nay &
James of Regina have been awarded $8,000 5 H % 20-Installment Improve­
ment debentures.
ONTARIO.— Stock Only Partly Subscribed f o r — It is reported that sub­
scriptions were received for only a small part of the $2,500,000 (£500,000)
4 % registered stock offered In London up to June 19 by the Bank of Mon­
treal at 101. Over 74 % of the Issue was left In the underwriters’ hands
The loan Is to provide funds for the carrying on o f public works, Incl the
Temlskamlng & Northern Ont. R y . and branches owned b y the Govern­
ment. In t. M. & N . b y the Bank of Montreal. Stock will be registered
and transferrable In any amount by deed free of stamp duty at the Bank of
Montreal, L ondon. Loan Is redeemable at par In London May 1 1947.
PRINCE A LBERT, Sask.— Debenture Sale.— N ay & James of Regina
have been awarded $283,700 4 'A & 5% im provem ent debentures.
°
ST. ANTHONY ROMAN CATHOLIC SCHOOL DISTRICT NO. 12 (P O.
Strathcom a), A lta.—■Debenture Offering.— Proposals will be received until
to-day (July 1) by M. M. O ’ Brien, Sco’y.-Treas., for $15,000 5% coup &
reg. site-purchase debentures. Date July 1 1911. Int. July l at the
Canadian Bank of Commerce In Strathcona. Due 30-years. Debentures
are exem pt from taxation. No deposit required. Debenture debt
Including this Issue, $23,000. Assessed val. 1911 $875,000.
IT- ST. M A R Y ’ S, Ont.— Debenture Offering.— Proposals will be received until
2 m. July 3 b y T . At. Clark, Clerk, for $135,000 30-Installment consolidated
and $5,000 20-lnstallment bridge 4
debentures. Int. annual.

NEW LOANS.

[ V O L . L X X X X I 1 I.

SASKATOON, Sask.— Loan Election.— Reports state that on July 6 two
by-laws will be submitted for the approval of the burgesses, providing for a
loan of $45,000 to construct municipal offices and $50,000 to pay for
tw o Are halls.
STONEHENGE SCHOOL DISTRICT NO. 2436 (P . O. Stonehenge), Sask.
— Debenture Sale.— On June 1 $2,000 6% sch. debentures were purchased by
the Western School Supply Co. o f Regina at 100.25. Date June 1 1911.
In t. Dec. 1. Due Dec. 1 1921.
STRATHCONA, Alta.— Debenture Sale.— On June 15 the 15 Issues of
4 'A% and 5% coupon debentures, aggregating $401,122 (V . 92, p. 1591),
were awarded to the Imperial Bank of Canada of T oron to, according to
reports.
SUMMIT SCHOOL DISTRICT NO. 2,618 (P. O. R atcliffc). Sask.—
Debenture Sale.— On March 9 $1,500 6% bldg, debentures were awarded to
N ay & James of Regina for $1,505 25— making the price 100.35. Date
M ay 15 1911. Int. May.
SUSSEX, N. B.— Loans Voted.— It Is stated that a by-law providing for
a loan of $15,000 for water and sewer-Impt. has been approved by the
ratepayers.
SWAN RIVE R UNION SCHOOL DISTRICT NO. 1047 (P. O. Swan
R iver), Man.— Debenture Offering.— Proposals will be received b y the Board
of Trustees for the $20,000 5>5% 20-lnstallmeht bldg, debentures (V. 92,
p. 1520). C. A . Lewis is Scc’ y.-Treas. A uth. vote of 47 to 15 at election
held June 7.
T R A IL , B. C.— Debenture Offering.— Proposals will be received until
8 p. m. July 17 b y VV. E . B. M onypcnny, City Clerk, for $25,000 6%
school debentures due July 3 1931.
VANCOUVER, B. C.— Debentures Voted.— Propositions to issue the
following 4% 40-yr. debentures, aggregating $1,390,000 (not $1,370,000 as
at first reported) carried at the election held June 10 (V. 92, p. 1591):
$750,000 for sewers, vote 513 to 64; $100,000 to extend the Seym our Creek
water-system, vote 499 to 69; $100,000 to rock, grade and plank streets,
vote 465 to 91; $30,000 for Jails, vote 453 to 87; $50,000 for an isolation
hospital, vote 454 to 97; $35,000 to Improve Clark Drive, vote 414 to 137;
$75,000 for street-im provem ents, vote 435 to 114; $75,000 for water exten­
sions, vote 455 to 87; $115,000 for water extensions, vote 466 to 76, and
$60,000 to im prove streets, vote 448 to 94. We arc advised that in all
probability the debentures will be converted Into registered stock and sold
b y the city ’s fiscal agents on the London m arket. Date A ug. 1 1911.
In t. semi-annual.
W EED CREEK SCHOOL DISTRICT NO. 2339 (P . O. B uford). A lta.—
Debenture Sale.— On Mch. 6 $500 6 % bldg, debentures were awarded t o l l .
O 'H ara & Co. of Winnipeg at par. Date Mch. 18 1911. In t. Mch. Due
1912 to 1921.
W IARTON , O n t — Debenture Sale.— G. A . Stlmson & Co. o f Toronto
were recently awarded, It Is stated, an Issue o f $13,650 98 5% 13-install­
ment debentures.
W IN D SO R, Ont.— Debenture Election.— By-laws providing for the
Issuance of $50,000 water and $17,000 fire-department debentures will, It Is
stated, be submitted to the voters on July 24.
WOLSELEY PUBLIC SCHOOL DISrRICT (P. O. W o lsclcy ), Sask.—
Debenture Offering.—-Proposals will be received for $7,500 5% 20-yr.
school debentures. J. M. Dyck Is Secretary-Treasurer.
YORK TOW N SH IP, Ont.— Debenture Sale.— An Issue o f $10,500 20installment 5% debentures was recently sold, It Is stated, to the Dom inion
Securities Corporation, L td ., of T oron to.

NEW LOANS

NEW LOANS.

$ 3 0 ,0 0 0

Dallas County, Alabama,

$ 3 9 ,5 0 0
Town of Culbertson, Montana,

R O AD BONDS

W A T E R -W O R K S BONDS

$ 1 5 0 ,0 0 0

Sealed bids will be received until eleven o ’clock
a . m . /MONDAY, JU LY 3, 1911, lor $150,000 o f
the good-road bonds of Dallas County, Alabama;
said bonds run for thirty years from July 1, 1910;
bear 5% Interest, payable semi-annually, J u lr 1
and January 1, In New Y ork. Said bonds will be
o f the denomination of $500; coupons on said
bonds to July 1. 1911, will be clipped from said
bonds. The right to reject any and all bids Is
reserved.
P . H . P IT T S . Probate Judge,
Selma, Alabama.

Notice Is hereby given that the Town Clerk of
the Town of Culbertson, Valley County, Montana,
will sell at public auction at his office in the Town
o f Culbertson at the hour of one o ’clock p. m.
on the 29TII D A Y OF JU L Y A . D. 1911 an Issue
of $39,500 of the city’s water works coupon bonds.
Authority for the Issuance of said bonds Is based
upon an election held in the said town on the
15th day of June A . D. 1911 and proceedings had
b y the Town Council authorizing the same under
the laws o f the State of Montana.
Said bonds will draw Interest at a rate not ex­
ceeding six per centum per annum, will be of the
denomination of $500. will be dated 15th day of
July A . D . 1011, due the 15th day of July A . D.
1931, optional on the 15th day of July A . I). 1921,
interest payable semi-annually at the City Treas­
urer’s office or at a bank In Chicago or New York
KEARNY,
N.
designated by the purchaser.
A certified check for $1,000 00, payable to the
Town Treasurer, Is required. Said bonds must
SCHOOL BONDS
be sold at not less than their par value to the
Sealed proposals will be received b y the Council bidder offering the highest price for said bonds.
o f the Tow n o f Kearny, Hudson County, N. J ., I h c right to reject any and all bids is reserved.
J. E . P E T E R S O N ,
at the Town Hall, at 8. P. M ., JU LY 26TH, 1911,
Town Clerk.
for the purchase of
$62,000 4 K % 2 5-Year School Bonds.
Each bid must be accom panied by a certified
check for $3,000. The Council reserves the
right to reject any or all bids.
■
• For further Information, address
B U R TO N E . C A N F IE L D , Tow n Treasurer.

$ 6 2 ,0 0 0

TOWN OF

HUDSON CO.,

J.,

BLO DGET & CO.
BONDS

CO S T A T E S T R E E T B O S T O N

BONDS

90 P I N E S T R E E T , N E W Y O R K

L I S T O N A P P L IC A T IO N

Thomas J.

Bolger Co.

M U N IC IP A L

BONDS

Legal for Savings Banks,
Postal Savings and Trust Funds
8K N D FOR LIST

19 South La Salle S t.,

CHICAGO

E STA B LISH E D 1M8

SCHO OL,

COUNTY AN D




M U N IC IP A L BONDS

. a . McCa f f r e y ,

City Register.

H0DENPYL, HARDY & CO.
7 W e ll S t .,

N ow Y o r k

S E C U R IT IE S

F. W M. K R A F T
LAW YER

N A T IO N A L

L IG H T ,

HEAT & POW ER CO M PANY
GUARANTEED

of

Hunicfpal and Corporation Bondi
C H IC A G O ,IL L .

A. H. Bickmorc & Co.,
BANKERS

10 P in e S t r e e t ,

S p e c ia liz in g In E x a m i n a t i o n

1812 FIRST NATIONAL BAN K BLDCL.

.

BONDS

FHE AMERICAN MFG. CO.

N e w Yorfc

H. C. SPEER & SONS CO
First Nat, Bank Bldg.. Chicago

m

STATE, CITY & R A IL R O A D BONDS

& MAYER

Mercantile Library Building
CINCINNATI

43 ^ % W A T E R BONDS
Sealed bids will be received b y the Mayor and
Aldermen of Frederick at the office of the City
Register, Frederick, Maryland, until 7:30 o ’clock
p. m ., and opened at 8 o ’clock p. m ., W ednesday,
JU L Y 19TH A . D . 1911, for the sale of the whole
or any part of Thirty Thousand Dollars W ater
Coupon Bonds, dated July 1st, A . D. 1911, pay­
able twenty years after date, redeemable at the
pleasure of said Corporation in ten years from
date. Denominations: Twenty bonds of one
thousand dollars each and twenty bonds of live
hundred dollars each. Interest at 4>3% semi­
annually, payable July 1st and January 1st. A
certified check for 5% of the par value o f bonds
bid for, payable to the Alayor and Aldermen of
Frederick, must accom pany each bid. Purchaser
to pay accrued Interest from July 1st to date of
delivery. R ight to reject any and all bids is
reserved.
T H E M A Y O R A N D A L D E R M E N OF
F R E D E R IC K ,

Railroad, Street R y ., Gas & Elec. Light

,

M U N IC IP A L A N D R A IL R O A D

SEAS0NG00.

Frederick City, Maryland,

R. T. Wilson & Co.

MANILA

SISAL AND JUTE

CORDAGE

33 W A L L STREET
NEW YORK

65 Wall Street

New York